State Corporation Rosatom has completed the deal to buy out the business of the Bashkir fiberglass manufacturer, Steklonit. This step strengthens Rosatom's position in the composite materials market, including in the production of fiberglass for construction and energy. The deal could amount to about 4.9 billion rubles. The seller was the Ruscomposit group, previously headed by the Governor of the Novgorod Region, Andrei Nikitin. Now Rosatom controls 95% of the shares of Steklonit JSC and 100% of the shares in Steklonit Management LLC.
Steklonit, founded in Ufa in 1993, is the largest Russian manufacturer of fiberglass, producing structural and reinforcing materials. In 2023, its revenue amounted to 3.16 billion rubles, which is 0.9% more compared to the previous year, and net profit increased by 4.4% to 314.8 million rubles. The deal with Rosatom will provide synergy with other assets of the corporation in the field of composite materials, as well as improve the stability of supplies for strategic industries such as energy and civil construction.
Rosatom is no stranger to the fiberglass market. In 2022, the state corporation acquired the assets of the American company Owens Corning in Russia and Belarus, including the Steklovolokno enterprise and the Paroc plant, which significantly increased its share in this market. With the completion of the deal with Steklonit, Rosatom's share in the Russian fiberglass market, according to experts, may exceed 40%. The acquisition will provide the company with stable access to important construction and thermal insulation materials that are in demand for the construction of facilities, including in the energy sector.
