Molot Firearms becomes part of Russian Technologies State Corporation.
In the meantime, Russia’s Federal Antimonopoly Service (FAS) has approved Russian Technologies’ plan to acquire 100% in Molot Firearms.
Russian Technologies State Corporation became a shareholder in Molot Firearms LLC’s parent company Molot, which is currently in bankruptcy. Molot’s other majority shareholder, public OAO Concern Izhmash (controlled by Russian Technologies through OAO Izhmash, which is currently in the process of being wound up) was declared bankrupt in October 2011,” Russian FAS says in today’s announcement.
In an interesting development, Sergey Urzhumtsev was appointed new CEO of Molot Firearms LLC on 7 December 2012. Mr. Urzhumtsev is Head of Design and Technology Unit and Senior Designer at the public OAO Molot; he has worked at Vyatskiye-Poliany-based Molot for more than 15 years.
In the meantime, Vyatskiye Poliany-based Molot LLC may become part of the Kalashnikov Group. The expanded group is to include Concern IzhMash, Izhevsk Mechanical Engineering Plant, and, possibly, Molot, within the Kalashnikov Group, RIA Novosti reports citing an unnamed source who asked not to disclose his identity.