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March 16, 2004

Yevgeny Yakovlev appointed OMZ Acting General Director

Moscow, 16 March 2004 - Today Mr. Yevgeniy Yakovlev was appointed as an acting general director of OMZ.

This appointment is in line with Power Machines and OMZ merger plan announced in December 2003. Also in 2003 it was announced that Yevgeny Yakovlev was to be appointed as general director of the merged company and its founder Kakha Bendookidze was to assume the position of the Chairman of the Board.

The company resulting from merger will be named OMZ Power Machines and will focus its efforts on engineering, manufacturing and servicing of power energy equipment including nuclear power plants equipment whilst providing complete construction and upgrade solutions for power facilities. At that, power equipment will account for 70% of its turnover.

OMZ and Power Machines deal will be a merger of equals whereby the shareholders of Power Machines Group will receive 50% of the shares of the combined entity and 100% of the shares of Power Machines Group will be transferred to OMZ.

Mr. Kakha Bendookidze: “Approximately a year ago I made public my intention to distance myself from the immediate issues of managing the Company and to focus instead on issues of strategic importance and large-scale projects. Over last eight years we accomplished a tremendous task of transforming our Company into a recognized leader in Russian mechanical engineering sector. Today, OMZ is a company built around world standards, both in terms of corporate governance and efficiency. I believe that for Mr. Yakovlev working with OMZ will be an exciting experience and the primary goal for the company at this point is to retain its current positions and to enter new markets”.

Yevgeny Yakovlev was born in Moscow in 1958.

  • In 1981 graduated from the Faculty of Foreign Economic Relations of the Moscow Financial University with a degree in “international economic relations”. 
  • 1981 – 1988 started work at the Bank for Foreign Trade of the USSR (Vnesheconombank) as an inspector and was at the end promoted to the Deputy Head of the department. 
  • 1988 – 1990 – Head of the Department of the Bank for Foreign Trade of the USSR (Vnesheconombank). 
  • 1990 – 1994 – Director of the Eurobank (Paris, France). 
  • 1994 – 1996 – the European Bank of Reconstruction and Development (London, Great Britain) – chief banker. 
  • 1996 – 1999 Chairman of the board of directors of the North-Western Shipping Company. 
  • 1997 – 1998 – RAO Norilsky Nickel, 1st Deputy General Director. 
  • Since 2000 – General Director of the Power Machines Group 
  • Fluent English and French

OMZ is the largest Russian private heavy engineering corporation. The Company designs, engineers, produces, markets and services knowledge intensive equipment and machinery for the on- and offshore oil and gas industry, including transportation, the nuclear energy and mining industries. OMZ’s 2002 GAAP sales amounted to $435 million, a 39% increase over 2001. The Company has manufacturing and engineering facilities in Russia, USA, Romania and the Ukraine and sells its products to over 30 countries in the world. OMZ is one of four Russian companies whose securities are listed on the London Stock Exchange. The Company’s shares are also traded on the RTS stock exchange in Russia.




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