During the St. Petersburg International Economic Forum, TVEL Fuel Company of ROSATOM and Hermith, a major European titanium supplier, have concluded an agreement aimed at establishing a joint venture for production of titanium alloys.
Image: TVEL Fuel Company of ROSATOM and Hermith, have signed agreement to establish a joint venture for production of titanium alloys. Photo: Courtesy of The State Atomic Energy Corporation ROSATOM.
The document has been signed by President of TVEL JSC Natalia Nikipelova and Director General of Hermith Alexey Rasskazov in the presence of Director General of ROSATOM Alexey Likhachev and Federal Minister for Economic Affairs and Energy of Germany Peter Altmaier.
The Russian-German joint venture will specialize in high value-added products for knowledge intensive industries such as aviation, automotive industry and medicine. In the first stage, it is planned to launch titanium wire production for additive manufacturing (3D printing), as well as seamless pipes for hydraulic aircraft systems. Further on, the parties consider expanding the product range, in particular, with such products as aircraft fasteners, titanium springs for the automotive industry, parts of endoprosthesis, superconducting materials, etc.
The agreement determines the relevant corporate procedures for establishment of the new company, as well as a list of documents required for the investment deal and their purpose.
“The project of TVEL JSC and Hermith on the joint development of titanium production strictly corresponds to the strategy of TVEL Fuel Company and Rosatom State Corporation, aimed at increasing revenues from non-nuclear businesses. One of the most promising industries is metallurgy. The share of metallurgical products manufactured by Chepetsky Mechanical Plant makes up more than 25% of the total “non-nuclear” revenues of TVEL Fuel Company, which amounted to 13.5 billion rubles in 2018. Cooperation with Hermith would pave the way for us to new titanium consuming markets with high added value. These are high-tech industries with the most stringent requirements for products quality,” said Natalia Nikipelova, President of TVEL JSC.
“The joint venture between Hermith GmbH and TVEL JSC is a significant step in development of German-Russian cooperation in production and supply of high-tech titanium products to the markets of Europe, the USA and Canada. The products, already launched in batch production, are a competitive, high-quality, and reliable,” said Alexey Rasskazov, General Director of Hermith.
Source: Company Press Release.