UPEC Begins Building New Bearings Plant to Supply Russian Market

2009/10/4 1:45:10
KHARKIV, Oct 3, 2009 – (Ukrainian News/UBO) -- Ukrainian Industrial and Energy Company (UPEC), Kharkiv, has begun construction of a plant in Belgorod*, Russia, to produce bearings for the rolling stoc
of Russia. The company expects to invest USD 40 million for its bearing production operations in Russia by 2013. "The work on design documentation for two projects of the first stage of construction has been completed, and the construction has started," UPEC announced in a company statement. During the first stage of the project, UPEC plans to prepare a building by 2010 for assembly and production of bearings. The company also plans construction of another building in the first half of 2010 that would be equipped with modern grinding and super-finishing equipment. UPEC generated net profit of UAH 29.193 million in 2008, having increased its net revenue by 79.3 percent or UAH 93.166 million to UAH 210.663 million compared with 2007. Individual residents own 90.82 percent of the company's shares. UPEC was established in 1995 and is headed by Anatoliy Girshfeld. The firm includes the Lozovsky Forging-Mechanical Plant, Ltd; the Kharkiv Bearing Plant, jsc; Kharkiv Electrical Engineering Plant Ukrelectromash, jsc; Kharkiv Kosior Machine-Tool Building Plant, jsc; Ukrainian Casting Company, Ltd and a number of other enterprises. * Editor’s Note: Belgorod is a city in western Russia, situated on the Seversky Donets River just 40 km north from the Ukrainian border.
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