URALCHEM, OJSC announces completion of another reorganization stage
Moscow – 17 December, 2010 – URALCHEM, OJSC announces that another stage of reorganization of joint-stock companies in URALCHEM Group was completed. This process was carried out as part of the project to transfer to a single stock.
On 13 December, 2010 Kirovo-Chepetsk Chemical Works, Open Joint Stock Company was dissolved after reorganization in the form of merger with Mineral Fertilizer Plant of Kirovo-Chepetsk Chemical Works, Open Joint Stock Company. Since 13 December, 2010 URALCHEM, OJSC has been exercising the powers of the sole executive body of MFP KCCW, OJSC.
On 13 December, 2010 URALCHEM Management, CJSC was dissolved after reorganization in the form of merger with URALCHEM, OJSC.
On 14 December Azot, OJSC was dissolved after reorganization in the form of merger with URALCHEM, OJSC. All property of the industrial compl ex was transferred to Azot Branch of URALCHEM, OJSC in Berezniki.
Reorganization will increase operating efficiency at URALCHEM Group due to the decreased number of intra-group transactions. Transfer to a single stock will significantly reduce administrative costs and management expenses, and will make cash flow management inside URALCHEM Group more effective.
Further reorganization of other joint-stock companies of the Group is planned.