Ukraine's Centravis to commission two more stages at new tube production site

MOSCOW. March 15 (Interfax) - The Ukrainian Centravis holding is working to expand the production site for instrumentation tubing in Uzhgorod, which was commissioned at the end of February, Ukrainian media reported, citing a company statement.

"We plan to complete the second stage of construction by the summer and are already planning the third stage. We have ambitious plans," said Sergei Shadsky, the head of the new production site in Uzhgorod.

Investment in the first stage amounted to UAH 50 million or $1.4 million at the current rate. The new site in Uzhgorod specializes in the production of instrumentation tubes for cars, among them Volkswagen, Audi, BMW and Chevrolet.

"The general goal is to strengthen our footing in the world market and improve the company's stability," said Yury Atanasov, General Director of Centravis.

Centravis Ltd., the holding's parent company, changed jurisdiction from Cyprus to Switzerland in January 2023. It is expected that the change of jurisdiction will help the company improve its credit rating and raise longer-term and lower-cost funds for production development in Ukraine.

The Centravis holding was established at CJSC Nikopol Stainless Pipe Plant of the YUVIS Production and Commercial Enterprise LLC service and trading companies. Members of the Atanasov family are its shareholders.