Rettig ICC signs new deal in Russia
On 3rd April 2007, Rettig ICC signed a deal with the owners of the Russian holding company Santo to create a new 50/50 joint venture company. Baptised Sanret and registered in Moscow with warehouse facilities in Kirov (Kaluga region), the JV has been created to introduce sell steel panel technology to Santo and improve panel radiator penetration in the Russian market. Commenting on the deal, Markus Lengauer, CEO Rettig ICC, added, “With Santo’s excellent contact network in the Russian heating market and Rettig’s technical competence, we see an excellent opportunity for the new company to gain a strong position in the growing Russian heating market”. Lengauer himself will become Chairman of the Sanret Board whilst Anatoly Yakovlev will take over as Deputy alongside his current position as Head of Santo. Day to day management will be given to Rettig’s current Russian subsidiary Managing Director, Igor Mostovskiy, who will exercise his functions together with a deputy from Santo. Initially, Sanret will serve as a commercial entity importing products from Rettig’s current factories. “As soon as quantities permit, it is Rettig’s intention to increase investment in the Company and build a new plant in Russia”, continued Markus Lengauer.
Information on Santo Holding With a consolidated turnover of circa 5 bn Rubel (140 Mio €), Santo Holding is the historical market leader in Russia for cast iron radiators. It comprises 13 subsidiary companies established on the basis of former Russian structures and employs 13.000 employees. Head of the company is Anatoly Yakovlev. The product range comprises mainly cast products covering radiators, boilers, tubes, sanitary equipment and railway components.