Rosatom takes over Hungarian engineering company

21 July 2016

Russian state nuclear corporation Rosatom has acquired 100% of Hungary’s Ganz Engineering Ltd, one of the local suppliers for the expansion of the Paks NPP (Paks II), local business daily Világgazdaság reported. Rosatom’s CKBM, registered in Saint Petersburg, has bought a 49% share of Ganz Gépgyár Holding Zrt in Ganz Engineering and Energy Production Machinery. CKBM already had a 51% stake in the Budapest-based company.

Zoltán Fitos, Chairman-CEO of Ganz Holding, has confirmed the deal but the purchase price remains unknown. In order to be able to win larger orders Ganz Engineering needs developments but in terms of capital investments Ganz Holding would not have been able to provide what Rosatom can, Fitos said.

Energy experts believe Hungarian suppliers will still win jobs at the Paks II project and expect that the target 40% share of local suppliers will still be reached in construction, engineering, fitting and IT jobs. 

Meanwhile Rosatom’s design engineering and construction arm, Atomstroyexport (ASE), will complete engineering surveys for units 5 and 6 of the Paks NPP (Paks II) this year, according top ASE's annual report for 2015.

At the end of 2014, Russia and Hungary signed documents on the construction of two new units at Paks with Russian VVER-1200 reactors winanced largely through a €10bn Russian loan.

 



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