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Dec 11, 2023 16:35 EEST
December 11 (SeeNews) - Romanian power company Hidroelectrica [BSE:H2O] said it has agreed to acquire local manufacturer of hydro aggregates and ancillary equipment UCM Resita (UCMR) for 67.88 million lei ($14.68 million/13.65 million euro).
The acquisition is part of Hidroelectrica's strategy to consolidate its maintenance and refurbishment capabilities, improve the availability of its hydropower units, and ensure more efficient management of its electricity generation assets, the company said in a report filed with the Bucharest Stock Exchange on Friday.
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As part of the transaction, Hidroelectrica will take over UCMR's industrial production platform, specialists in engineering design, technology, projects know-how and documentation, and equipment.
The acquisition is subject to the fulfillment of certain conditions, including approval by Hidroelectrica's shareholders.
Established in 1771, UCMR is one of the oldest industrial manufacturing units for construction of machinery in the energy sector in Romania and one of the oldest in Europe. The company is specialised in the engineering design, execution, refurbishment, and repair of hydro energy equipment, including Kaplan, Francis, and Bulb turbines, generators, excitation equipment, high-pressure oil installations, shut-off valves, and ancillary equipment.
The Romanian state holds a majority stake of 80.06% in Hidroelectrica, while the rest is in free float on the Bucharest Stock Exchange. The company owns and operates 182 hydroelectric power plants with a cumulative installed capacity of 6.3 GW, five pumping stations, and a wind farm with a total installed capacity of 108 MW.
Hidroelectrica shares traded 0.55% higher at 127.1 lei as at 1500 CET on the Bucharest boure on Monday.
(1 euro=4.97151 lei)
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