Renova buys Czech precious metals plant
MOSCOW. Nov 21 (Interfax) - Viktor Vekselberg's Renova Group has acquired Czech precious metals producer Safina, local media reported.
Renova spokesman Andrei Shtorkh confirmed the news to Interfax.
The price of the deal has not been disclosed. Based on industry multipliers, the Czech press says the deal may have cost 1.3 billion - 2.6 billion koruna ($60 million - $120 million). The company posted revenue of 5.9 billion koruna in 2013, or around $270 million and net profit of 225 million koruna ($10 million).
A source familiar with the parameters of the deal told Interfax that the amount was in the tens of millions.
The asset was sold by Safichem Group.
Safina refines precious metals, such as gold, silver, platinum and others, and processes them. Finished products include metal for investment in bullion, jeweler and metals used in dentistry. The company has plants in the Czech Republic, Slovakia, Poland, Romania, the United States and China.
Renova has worked with Safina for a long time. For example, in 2012, OJSC Yekaterinburg Non-Ferrous Metals Processing Plant , which is part of Renova, bought platinum group metal chemical compounds from Safina.
The Yekaterinburg plant offers a fully range of services from refining to manufacturing of goods made of precious metals. Renova consolidated 100% of the plant in 2012 when it bought out all the minority shareholders.
