The cardboard was not cheaply repackaged – Newspaper Kommersant No. 20 (7465) dated 02/03/2023
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“Kommersant” became aware of the amount for which the structures of Viktor Kharitonin acquired the only manufacturer of coated cardboard in the Russian Federation, Kama LLC – it amounted to 36 billion rubles. Experts believe that the price, which fully pays off the investment made in the company, is fair, given the quality of the asset and its high synergy with the main pharmaceutical business of the buyer.
Viktor Kharitonin, co-owner of the Pharmstandard pharmaceutical holding, completed the acquisition of Kama LLC, which manages Russia’s only coated board production facility. The total amount of the transaction amounted to 36 billion rubles, of which 15 billion rubles is the value of the company’s assets, 21 billion rubles is the company’s debt to Otkritie Bank, whose funds were raised for the development of production. According to Kommersant’s sources, it was originally planned to close the deal before the end of 2022, but the deadlines were shifted to January. As a result, the signing of the contract, according to a Kommersant source in the market, took place last week.
According to Kommersant’s interlocutor, at the end of January, Mr. Kharitonin revisited the enterprise. Changes in the board of directors and the composition of the top management of Kama have not yet been made after the conclusion of the transaction, Kommersant’s sources say. Pharmstandard did not respond to a request, the bank of non-core assets Trust, which was involved in the sale of the enterprise, did not comment on the deal. The press service of “Kama” recommended “follow the news on the company’s website.”
Kama LLC includes Kama Karton LLC, Kama Pulp and Paper Mill, Kamabumprom LLC and Kamabumprom LLC. Cleaning”. At the end of 2021, the revenue of Kama LLC, according to SPARK-Interfax, amounted to 5.9 billion rubles, net profit – 1.6 billion rubles. The enterprise is the first manufacturer of coated paper in Russia and the only manufacturer of coated cardboard in the country at the moment (launched in 2021).
Most of the funds for construction (19.4 billion rubles out of the required 29.3 billion rubles) in December 2016 Kama Karton received from Otkritie Bank. In 2017, the credit line was closed due to the reorganization of the bank, while the shares of the PPM remained pledged to the creditor, and in November 2018, with the approval of the FAS, the assets of the Kama group were completely transferred to Otkritie. The bank resumed the project to launch the production of cardboard and opened financing for it. The total investment amounted to about 25 billion rubles.
In February 2022, Kama was sold to Trust Bank “for further sale to the market” for 13.6 billion rubles. with a book value of 8.5 billion rubles. It was planned to look for a new buyer for the assets after the production reached its full capacity of 220 thousand tons of coated cardboard per year. The plant was supposed to achieve this indicator in 2023, but was able to do it in 2022 thanks to sanctions and the withdrawal of foreign suppliers of coated cardboard from Russia, whose share was taken by Kama.
Kama has synergies with Viktor Kharitonin’s main business: Pharmstandard structures produce more than 1.7 billion drug packs a year, and the company is a major buyer of packaging cardboard. Prior to this, Mr. Kharitonin tried to acquire another timber industry asset – the Syktyvkar timber complex in Komi, but the deal did not receive the approval of the Russian authorities and slowed down.
Former Minister of Industry of the Perm Territory, chairman of the regional branch of Delovaya Rossiya, Dmitry Teplov, considers the final amount of the transaction fair. “The bank fully returned its investments, and the buyer received, in fact, a new enterprise with modern imported equipment. Today, against the backdrop of sanctions, it would be difficult to open such a production facility. Meanwhile, the demand for paper and cardboard in the domestic market is now very good, so the company will bring a high income,” Mr. Teplov believes. Yury Chechetkin, the former executive director of the Kama pulp and paper mill, notes that now Pharmstandard will have the opportunity to avoid packaging imports, and Kama will guarantee the sale of its products.
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