Closed Joint Stock Venture ZAO EDA – Energia Domestic Appliances

The documents on creation of the closed joint stock venture ZAO EDA – Energia Domestic Appliances have been singed at S.P Korolev RSC Energia.

The founders share – ZAO Experimental Machinery Factory (ZEM) – 49%, and Hoover Ltd. – 51% of the new company.

ZAO ZEM is a branch establishment of S.P. Korolev RSC Energia. The factory is a leader of Russian and world aerospace industry. ZAO ZEM is known as Russian and world manufacturer of artificial limbs and orthopedic products. It produces complicated electrical domestic appliances for Russian market, including: kitchen machines and Energia vacuum cleaners, mincing machines, mixers and also other conversion products.

The Hoover Ltd. Company is a branch establishment of CANDY group of companies. It is known in the world as one of leading manufacturers of the complicated electrical domestic appliances (vacuum cleaners, washing machines, refrigerators).

The joint venture on manufacture of the electrical domestic appliances shall manufacture high quality reliable vacuum cleaners and other industrial demand articles and supply them to the Russian market. The manufacturing facilities of ZAO EDA shall be located at RSC Energia. During the first year it is planned to produce 220 thousand of vacuum cleaners. Next, it is anticipated to produce new models of the vacuum cleaners and in future washing machines and refrigerators.

The sale of ZAO EDA products shall be handled by the Energia Trade House, the sale and after-sale service – by OOO Energia-Service.

The document on foundation of the new company have been signed by Mr. Yu.P. Semenov, President of RSC Energia, Designer General, Mr. A.F. Strekalov, First Vice-president of OAO S.P. Korolev RSC Energia, Director of ZAO ZEM and Mr. S. Fumagalli, President of CANDY group of companies.
Mr. Yu.P. Semenov, President of RSC Energia, Designer General, and Mr. S. Fumagalli, President of CANDY group of companies and Hoover Ltd. Company presented RSC Energia and CANDY group of companies as founders of the joint venture in the process of signing of the constituent documents, they told about their history and development, goals and tasks of ZAO EDA., its plans for the upcoming years.
While signing the constituent documents of ZAO EDA, the following official persons addressed the meeting extending the greetings and good wishes to ZAO EDA: Mr. I.A. Nikolaevskiy, First Deputy of the Minister of Industry and Science of Moscow Region Government, Mr. A.F. Morozenko, the Mayor of Korolev; Mr. A.G. Botvinko, Deputy Head of manned and transport systems office of ROSAVIACOSMOS. The speakers laid special emphasis on the international cooperation in the production of advanced electrical appliances for establishing and development of the joint venture. Also they pointed out that this joint venture would create new jobs and opportunities to better satisfy the Russian market requirements in the field of electrical appliances.

The signing of the respective constituent documents was witnessed by the representatives of CANDI Group of Companies Mr. A. Bertali, the Vice President of Hoover Ltd Company; Mr. J. Borsa, Financial Supervisor of CANDI Group; Mr. A. Cicchi, the Head of the branch Office of CANDI Group of Companies in CIS, S. Peppoloni Trade Attache of the Italian Embassy in the Russian Federation as well as the representatives of the legal firm “Pavia and Ansaldo”.

Upon completion of the documents signing procedure, the briefing was held at the assembly hall of RSC Energia for the Russian and foreign journalists who had been present at the final signing stage after visiting the Corporation’s Museum and being familiarized with the Corporation’s history and its advanced lines of activities.

Then the meeting of ZAO EDA Board of Directors was held at which Mr. A.F. Strekalov, the First Vice President of OAO RSC Energia after S.P. Korolev, the Director of ZAO ZEM was elected as its Chairman.