Cavagna Group Announces Completion and Kick-off of its Joint Venture with Gazprom Household Systems JSC.
Brescia, 3 august 2020 – The Cavagna Group and Gazprom Household Systems JSC today announced the successful completion of a Joint venture manufacturing company in Russia under the previously announced Agreement dated as of October 3, 2019.
The name of the new company is Gazprom Gas Engine Systems LLC, which embodies the new company’s goal to support the Russian plan focused on the growth of natural gas as a sustainable mobility fuel. The Newco will be fully dedicated to producing, assembling, and selling CNG conversion kits and components in Russia.
Gazprom Household Systems JSC will own 65% of the new company and take over the operational management, while Cavagna Group will retain a 35% ownership and provide the crucial know-how aimed to the localization of the complete range of components allowing production volumes of CNG kits to meet the market requests.
Mr. Viktor Alexseevich Zubkov, Chairman of the Board of Directors, Gazprom, Russia’s Special Presidential Representative for Cooperation with the Gas Exporting Countries Forum who strongly supported the creation of the the JV will serve as the chairman of the board. As General Director was appointed Mr. Sergey Colin.
Commenting on the announcement, Victor Zubkov confirmed the following: “Gazprom is committed to promote the use of natural gas as a vehicle fuel and the new JV is very important to support this project in synergy with other companies and departments of Gazprom Group”.
In response, the Cavagna Group’s Chairman, Ezio Cavagna, stated: “We’re honoured to partner with Gazprom Household Systems JSC and are proud of contributing to the growth of a sustainable and eco-friendly economy in Russia. We have always characterized our growth path thanks to investments into local manufacturing sites, our support is not just on manufacturing activities themselves, but also on key linkages between production, supply chain and product development.”
Both parties are eagerly awaiting the next steps to be implemented by the management, to whom CG will grant full support.
Miriam Cavagna – Cavagna Group Head of Marketing and Communication
email@example.com – +390309663250
About Cavagna Group
For 70 years, the Cavagna Group has been a global leader providing advanced, integrated solutions for the control, regulation, metering and storage of compressed gas (gas for energy, alternative fuel gases, medical gases, industrial gases, cryogenic gases and specialty gases). It was founded in 1949 in northern Italy, near Brescia, an area long renowned for its metalworking industry. Today, the Cavagna Group is made up of 11 vertically integrated production companies in Italy and seven other companies spread out across five continents. With a distribution network consisting of an additional 15 fully-owned companies, the Cavagna Group now sells its products in more than 145 countries worldwide.
About Gazprom household systems JSC
For more than half a century, JSC Gazprom Household Systems has been Russia’s largest manufacturer of household gas equipment. Gazprom household systems JSC is a subsidiary of PJSC Gazprom.
Gazprom household systems JSC includes two branches and two subsidiaries:
- Tchaikovsky branch of Gazprom household systems JSC,
- Balakirevsky branch of Gazprom household systems JSC,
- LLC Kanevsky Gas Equipment Plant,
- JSC Volgogazoapparat.
Today the company employs more than 3 thousand employees, thanks to whom Gazprom household systems JSC is dynamically developing and looks confidently towards the future.
Visit of Mr. Viktor Alexseevich Zubkov at Cavagna Group Headquarters in March 2019
Courtesy of Gazprom. MoU signed at SPIGF 2019 in St. Petersburg.