OMG has taken over the URAL Automobile Plant

OMG has taken over the URAL Automobile Plant


 

RusAutoNewsCom. According to the news agency Interfax, the United Engineering Group (OMG) has become the sole owner of the truck manufacturer: Ural Automobile Plant, alongside RM-Terex (managing Tverskoy Excavator, Chelyabinsk Construction and Road Machines, Bryansk Arsenal and Zavolzhsky Caterpillar Tractor Plant). 47.2% of Yaroslav Engine Plant has also been acquired by the company, a similar share remaining with GAZ.

According to a source close to GAZ, the deal with OMG has reduced the debts of the company and improved the financial results of the group against the background of market shrinkage and the negative effects of the US sanctions, overcoming the obstacles against the 2020 Investment Programme.

GAZ has repeatedly complained about the negative effects of the US sanctions on the financial situation of the company. The pressure due to sanctions has been shown as one of the reasons behind the switch to a four-days-a-week working regime, which never materialised thanks to support through public procurement.