SAMARKAND, Uzbekistan—Russian energy and petrochemicals group P.J.S.C. Tatneft has acquired a 100-percent share of Uzbek tire manufacturer Birinchi Rezinotexnika Zavodi L.L.C. for an enterprise value of $80 million.
Based on the agreement, which was closed Jan. 20, Tatneft is required to further invest in the production of new types of rubber engineering products at the plant after the acquisition.
The deal also carries over Birinchi's $153 million worth of credit obligations and debts, according to former major shareholder Uzkimyosanoat.
Located in Angren, in eastern Uzbekistan, Birinchi's manufacturing plant has the capacity to produce 3 million units of BARS-branded passenger car tires, 200,000 units of agricultural tires and 100,000 p/m of conveyor belts.