Salans has represented RÜTGERS Group, Europe’s leading manufacturer of chemical raw materials made from coal tar and owned by private equity investment firm Triton, in signing a joint venture with Severstal, one of the world’s leading vertically integrated steel and mining companies. An agreement to this effect was signed in Moscow by Severstal Russian Steel Division general director Alexander Grubman, RÜTGERS Group President and CEO Mr. Henri Steinmetz and RÜTGERS Group CFO Dr. Max Padberg.
RÜTGERS holds 51% of the charter capital. Total investments make up USD 26.6 million through borrowed funds over 5 years. The joint venture “RÜTGERS Severtar” will use the facilities of the tar pitch processing shop of the coke and by-product process at Severstal’s factory in Cherepovets to produce vacuum pitch, technical oils and naphthalene by deep conversion of coal-tar. The joint venture is scheduled to become fully operational by the 1st quarter of 2013.
Severstal’s team included CEO legal adviser Yakov Kazakov and legal counsels Yuri Antsyferov, Elena Klimakova, Sergey Bibikov and Tatyana Veretekhina.
Salans’ team was led by Moscow partners Florian Schneider and Mikhail Dikopolski and included Moscow associates Anton Kunashov, Artashes Oganov, Aaron Raffel, Andrei Kiryanov, and Sergey Shishkin, together with St. Petersburg associate Ksenia Bruk.
Florian Schneider commented: “We are delighted to have assisted RÜTGERS in this landmark transaction. The client was extremely complimentary about the work of the Salans team. The signing of a joint venture between RÜTGERS and Severstal is an important sign in the current Russian economic environment and demonstrates our success in one of the biggest projects of Salans’ Moscow office in 2011.”
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