RusHydro consolidates its hydro engineering operations
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that as a part of creation of a single governing body responsible for control over the Company’s hydro engineering operations, Vladimir Pekhtin, Deputy Chairman of the Management Board of RusHydro, was appointed General Director of JSC Institute Hydroproject and JSC Lenhydroproject. The appointment has been approved by the Boards of Directors of the institutes. Mr. Pekhtin will continue to work as a member of the Management Board of RusHydro.
The appointment of General Director is a first stage of RusHydro’s scientific and engineering institutes’ consolidation. These institutes have similar capabilities and functions that often overlap. Institute Hydroproject and Lenhydroproject have more expertise in developing comprehensive and complex hydro engineering projects; Mosoblhydroproject is specialized in small and medium hydro project developments.
The strategy of reorganization of RusHydro’s hydro engineering operations through consolidation of scientific and engineering institutes into a unified company was approved by the Company’s Board of Directors in 2013. The consolidation aims to improve the efficiency of a project complex and increase the total economic effect through better usage and planning of hydro engineering resources.
RusHydro Group currently manages the following hydro engineering operations:
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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