RUSNANO received $55.4M for the withdrawal from IRE-Polus capital

RUSNANO received $55.4M for the withdrawal from IRE-Polus capitalRUSNANO announces successful withdrawal from the capital of OJSC NTO IRE-Polus - Russian branch of a world leader in developing and manufacturing of high performance fiber lasers and amplifiers, IPG Photonics. RUSNANO's share in the authorized capital of the NTO IRE-Polus - 22.5% – was bought for $55.4M by applicant project IPG Laser Company.

RUSNANO Investment of $ 45 M contributed to the nearly fivefold increase of production capacity of IPG Photonics Russia. Expansion of production facilities has allowed the company to attract new major Russian customers in oil and gas, automotive and railway industries, shipbuilding, electronics and telecommunications. The company began the construction of eight new buildings with total area of 45,000 square meters which will accommodate additional production capacity for optical components and finished products, as well as testing laboratories and offices.

The transaction meets two essential criteria of successful RUSNANO’s withdrawal from existing investment projects: profitability is not less than planned, and the ability of project to develop independently. RUSNANO and IPG Photonics plan to develop long term mutually beneficial cooperation after the withdrawal. RUSNANO plans to invest funds received from sale of IRE-Polus shares in new nanotechnological projects.

Co-financing of IRE-Polyus by RUSNANO contributed to a more dynamic development of Russian domestic market - the company has expanded its application domain of fiber lasers, has got new customers and spread to new sectors - said RUSNANO Managing Director George Kolpachev.