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. Last Updated: 07/27/2016

Norilsk to Merge Units

MOSCOW -- Russia's major metal producer Norilsk Nickel plans to merge its three subsidiaries in the northwest Murmansk region into a single holding company under a cost-cutting program, Norilsk said Friday.

The subsidiaries, Severonikel, Pechengankel and Olenegorsk Mechanical Works, all on the Kola Peninsula, will form Kola Mining and Metallurgical Co., a 10 percent stake in which will be offered to local authorities, a Norilsk statement said.

A spokesman for Norilsk said that although the merger would streamline production, no layoffs were planned.