Board of Directors took place in OAO ”Uralchimplast”

On July 23, a regular meeting of Board of Directors took place in OAO ”Uralchimplast”. The results of budget performance for the 2nd quarter were viewed and budget for the 3rd quarter of the current year was approved there. Anti crisis steps taken by the company provided the company with the reduction of the expenses and profit earning. In the budget of the 3rd quarter profit earning is also planned.

Besides that Board of Directors got acquainted with the course of realization of the investment projects in the context of the strategy of holding development and also approved of the program of capital outlay until the end of 2009. According to this program of investment of the projects on methanol free formalin, urea- formaldehyde concentrate production and reconstruction of ion-exchange resins production will be continued. Besides these big and significant projects Board of Directors approved less expensive but the forward looking projects: modernization of urea resins, polyethylene polyamines and PVC production, reconstruction of biological treatment plant and also renewal of the railways.

On the meeting the issue on the project of production of synthetic resins for woodworking and heat insulation in Central region of Russia was considered and it was decided to hold up its realization until the middle of the next year because of the considerable reduction of market capacity under conditions of economical crisis.

Today the reduction of expenses of the company in all directions and increase in sales remain main strategic line. “Besides it was decided to reduce the personnel of the holding management on 40% within August”,- pointed Director General of OAO “Uralchimplast” Aleksander Gerdt.