Samarkand Elevator Production Plant is beginning to assemble marine elevators ordered by the Severodvinsk Machine-Building Plant. The first consignment of marine elevators will be shipped to Severodvinsk in October this year, Rosbalt quoted Uzeltehsanoat.

In total, Russian enterprise placed an order for more than 20 transport elevators. The sum of the contract is not being disclosed by the parties.

Due to the lack of turnover capital and large orders, Samarkand Elevator Production Plant’s capacity was practically unused since 1996. In January 2007, Peresvet-Invest (Moscow), one of the largest realtors in the Russian market, bought 75% in Samarkand Elevator Production Plant. The cost of the deal made up over US$3 million. Russian company won the tender invited by the State Property Committee of Uzbekistan in August 2006.

In line with the terms of the contract on the sale of state’s stake in the plant, Peresvet Invest plans to invest US$7.5 million in the development of the enterprise within the period of five months. In particular, the funds will be appropriated for the modernization and expansion of the production capacity.

Production at Samarkand Plant was launched in 1975. Its current production capacity makes up around 7,000 cargo, marine and passenger elevators yearly. The plant is currently using approximately 15-20% of its capacity. It is planned that this year the plant will produce around 300 passenger lifts for foreign clients.

Most of the materials and component parts used by the enterprise are produced in Russia. Apart form the 75% of shares owned by Russian investors, the staff of the plant has a stake of 11.35%, and minority shareholders – 13.65%.