Virial, a St.-Petersburg, Russia-based manufacturer of ceramic and cerametallic components used in a variety of industries, has received an equity investment of undisclosed amount.
Investors include the CapMan Russia fund, which now now owns 15% of the company’s shares, and the Moscow-based nanotechnology investment company RUSNANO.
Virial plans to use the proceeds to increase its production capacity in the St. Petersburg region and seek growth opportunities in new application areas.
Commenting on the transaction, the company’s CEO Vladimir Rumyantsev said: “The investment will allow Virial to intensify its implementation process developing new technologies and releasing nanotech products with advanced consumer features”.
Founded in 1991, the company produces ceramic and cerametallic bearings, cutting tools, and custom-designed hardwearing components. Virial had net sales of approximately €15m in 2010. It currently employs around 340 people in the St. Petersburg region.