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. Last Updated: 07/27/2016

Renova Takes Control of Khimprom

Renova Group, the investment vehicle of billionaire Viktor Vekselberg, has acquired a majority stake in leading chemical producer Khimprom for an undisclosed sum, the company said Monday.

Renova Orgsintez, the group's chemicals division, has completed a series of deals giving it control of Khimprom and would incorporate the company into its network of chemical plants, Renova said.

"The purchase of Khimprom is an important stage in realizing our company's strategy of consolidating prospective assets in the sector with the aim of creating a major chemicals holding," said Alexander Zarubin, head of Renova Orgsintez.

Khimprom, founded in 1960, is one of the country's leading chemical producers and employs about 6,000 people at its plant in Novocheboksarsk in the republic of Chuvashia.