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Ukrainian Power Machines (formerly Turboatom) and Elektrovazhmash will merge and operate as a single enterprise starting December 2021.
The merger of Kharkiv-based Turboatom and Elektrovazhmash into a single enterprise called Ukrainian Energy Machines is expected to be completed by the end of 2021, according to Minister Oleksiy Chernyshov.
The State Property Fund of Ukraine initiated an extraordinary shareholders' meeting of Turboatom to approve the merger with Electrotyazhmash and rename the company to Ukrainian Energy Machines JSC.