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Russia's UMMC buys 10% of Austrian Brixlegg - report.

(SeeNews) - Nov 21, 2013 - Russian Urals Mining and Metallurgical Company (UMMC) acquired 10% of Austrian copper producer Montanwerke Brixlegg at end-September 2013, Tiroler Tageszeitung (TT) said on Wednesday.

The Austrian group was previously purchased by Swiss commodity group Umcor after the bankruptcy of its former parent, industrial holding A-Tec (WBAG:ATEC) owned by Mirco Kovats. In 2012 Brixlegg booked a loss of EUR 13.1 million (USD 17.6m) and revenue of EUR 833 million.

The copper producer is also facing problems with its Slovakian subsidiary Kovohuty because 1,500 tonnes of copper worth EUR 8.9 million are missing. This was discovered during inventory and charges have been filed.

UMMC, based in Yekaterinburg, is a conglomerate focused on sectors such as mining, copper production, chemicals and engineering. It comprises 50 companies and its 2011 revenue totalled EUR 4.5 billion.

(EUR 1.0 = USD 1.343)
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Publication:SeeNews Austria
Date:Nov 21, 2013
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