11 Jan 2023 15:44

TMK no longer including European subsidiaries in group's structure - disclosure

MOSCOW. Jan 11 (Interfax) - TMK is not including European subsidiaries in the group's structure starting from December 2022.

According to a list of affiliated entities published by the company, companies no longer included on the list beginning on December 12 are TMK-Artrom SA (which unites TMK production assets in Romania producing seamless pipes with a capacity of about 200,000 tonnes / year, primary markets - EU, USA and Canada), as well as sales branches in Germany, Italy and the United States - TMK Europe GmbH, TMK Italia s.r.l. and TMK Industrial Solutions LLC.

Along with European subsidiaries, Adrian Popescu, general director and head of the European division of TMK-Artrom, Luca Zorzi, head of TMK-Italia, and Michael Christopher, head of TMK Industrial Solutions (which has been selling TMK products in North and South America since 2016) were also removed from the list of affiliates as of December 12.

TMK did not respond to an Interfax question about the possible sale of the European division.

The website of the European division of TMK, the address of which is provided on the TMK website, is being overhauled, with the name of the Romanian company being given there as Artrom Steel Tubes.

Last spring, TMK founder Dmitry Pumpyanskiy withdrew as a shareholder of the company after being put on the EU sanctions list and control was transferred to the company's management. Pumpyanskiy being subject to sanctions was the reason for the blocking of TMK-Artrom's accounts by Romanian tax authorities, local media reported. In the summer, the funds of TMK's European subsidiary were unblocked.