19 Feb 2024 19:55

Russia gains temporary management of DMG MORI machine tool plant, at standstill since 2022

MOSCOW. Feb 19 (Interfax) - The Russian Federal Property Agency (Rosimushchestvo) has received temporary management of 100% of the shares of Ulyanovsk Machine Tool Plant LLC (USZ), owned by the German Gildemeister Beteiligungen GmbH.

President Vladimir Putin signed the corresponding decree on February 19; the document is posted on the official legal acts website.

USZ is part of the German-Japanese DMG MORI. It launched in 2015 and produced a wide range of lathes and milling machines.

DMG MORI said almost immediately after the Russian military operation in Ukraine began that it was winding down of its business in the country and idling its plant. USZ earned 2.8 billion rubles of revenue and 622 million rubles net profit in 2021, its last full year of business.