# Gazprombank to merge Uralmashzavod and IZ-KARTEX under one management

Gazprombank plans to combine two major mining excavator manufacturers, Uralmashzavod and IZ-KARTEX, under a single management company to eliminate competition, as stated by a Uralmash representative.

- Type: Acquisition
- Announced: 2016-11-25
- Where: Sverdlovsk Oblast, Russia
- Status: announced
- Products: mining excavators
- Sectors: [Mining Equipment](https://endata.com/sectors/mining-equipment.md)

## Companies

- [Gazprombank](https://endata.com/companies/20188.md) (investor)
- [Uralmashzavod](https://endata.com/companies/20189.md) (target)
- [IZ-KARTEX](https://endata.com/companies/20190.md) (target)

## Sources

- [nakanune.ru](https://www.nakanune.ru/news/2016/11/25/22454161/), 2016-11-25: "Мы входим с КАРТЕКСом в кооперацию. Мы под одной управляющей компанией"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.