Russian glass company takes control of Akma plant

Akma LLC was founded in 1991 by Alexei Kinder. Since then, he has been its permanent leader. But in January 2022, Artyom Leitis was appointed the new CEO of Akma. According to some reports, this is the son of the main owner of Russian Glass Company JSC (RSK, 53.5%) and its CEO Igor Leitis (No. 26 in the DP Billionaires Rating - 2021, the main shareholder of the Adamant holding).

According to SPARK, over the years, 32% of the LLC's shares were on the balance sheet of Akma itself, other co-owners were Natalya Serebrennaya (32%), Mervera Holdings Limited (Cyprus, 20%), Alexey and Naina Kinder (8% each).

At the junction of the past and present years, the Cypriot company sold its stake to Akma LLC itself, and now 52% of its shares are on the balance sheet of the LLC. And the society is headed by a representative of "Adamant".

Before leaving, Alexei Kinder sent a letter of very interesting content to the team. It states, in particular, that Akma can no longer continue its activities in the same direction. Among the reasons are the financial obligations taken for the construction of a new workshop, the unstable position of flat glass processors in the market.

“For years, we have been twisting our arms, reducing prices for our products to the limit. Now everything will be different. Akma is entering a new stage in which many problems have already been overcome,” the letter says.

Perhaps Aleksey Kinder decided to retire, the DP source suggests, indicating that the entrepreneur is 79 years old. Another industrialist notes that RSK's interest may also be associated with Akma's expensive equipment - furnaces that allow the production of tempered glass.

"Akma" has its own production for processing, hardening, engraving glass, as well as the production of double-glazed windows. The company's portfolio includes double-glazed windows for Sapsan, interior and facade design of Sberbank, Irina Viner-Usmanova Gymnastics Palace, Moscow City, Lakhta Center.

According to SPARK, in 2020, the revenue of Akma LLC amounted to 2.2 billion rubles (-3.2% compared to 2019), net profit - 16.9 million (-8.1%).

"The balance sheet currency of the LLC is 1.1 billion rubles, capital - 386 million, debts - 305 million. Taking into account revenue and profit, I will assume that Akma can be valued at 116 million rubles," says the head of the analytical department of the LMS investment company Dmitry Kumanovsky.

It was not possible to get an operational comment in "Akma" and in the RSK. Adamant declined to comment.

RSK unites 12 factories, including in St. Petersburg, Moscow, Nizhny Novgorod and Kazan, according to its website. Her portfolio includes such projects as the office of the bank "St. Petersburg", "Expoforum", the business district "Nevskaya Town Hall". The revenue of JSC "RSK" in 2020 increased by 5.1%, to 6.9 billion rubles, net profit increased by 37%, to 966.7 million rubles.

According to RBC estimates, the turnover of the Russian glass market is about 70 billion rubles a year. 90% of its demand is provided by domestic producers. In 2020, they produced 217 million m2 of glass.

Source: https://www.dp.ru