THE RADIATOR MANUFACTURER "HM RUS" IS ON THE VERGE OF BANKRUPTCY

The company "HM RUS", a resident of the TOSER "Tolyatti" and a radiator manufacturer, is going through the bankruptcy procedure. The company, which until recently demonstrated half-billion-dollar turnover, is now listed among the problematic assets of the region.

The tax authorities initiated the recognition of the organization as insolvent as an "absent debtor". The company has not fulfilled its obligations in the amount of about 4 million rubles. However, almost simultaneously, HM RUS filed a self-bankruptcy petition with the arbitration court.

The radiator manufacturer was officially registered more than eight years ago. At the same time, the company acquired the status of a TOSER resident. The investor was CMH GmbH from Germany, which planned to invest approximately 244 million in the construction of a modern factory under the HM Heizkorper brand. The company received benefits, including exemption from property and land taxes, as well as reduced income tax rates.

In late 2018, the factory was officially opened in the AvtoVAZ industrial park. At the time, it was believed that the company would become one of the "showcase" examples of attracting foreign capital to Tolyatti.

In the spring of 2019, the production of radiators began. The first results were unprofitable: after earning about 91 million rubles, the company lost 74 million. The following year, the company's performance improved slightly, but it continued to operate at a loss. During this period, the German investors withdrew from the company. The majority stake was transferred to another individual. This individual was a citizen of Vanuatu. By the beginning of the following year, he became the sole owner of the company.

It was in 2022 that XM RUS reached its peak: with a revenue of 506 million, the company made its first profit of 25 million. In 2023, revenue decreased by more than half, and in 2024, it stabilized at 290 million rubles.

2025 brought a sharp crisis to the company. "HM RUS" left the list of residents of the industrial park, and the first attempt at self-bankruptcy failed due to the lack of authority of the director who signed the statement. In the spring, the company announced its intention to change its legal address to Moscow, but it did not have time to implement the plan.

By the summer of 2025, both the company and the tax authority filed for insolvency. The arbitration court is considering the introduction of a supervision procedure.

The Federal Tax Service may not be the main claimant: in the spring of this year, the arbitration court recognized the organization's debt to Metservice for 22 million. In addition, Stroytekhsnab from Taganrog filed a claim for the return of 15 million.

Of the promised investment of 244 million, just over half was actually invested in the project. According to oboz.info, about 60 jobs were created, which is three times less than the planned number. By the end of last year, only 31 employees were working at the factory. Over the course of its operation until 2022, the company paid approximately 18 million in taxes to the government. After the tax break ended in 2023, the country received approximately 35 million in taxes from the company. The enterprise, which was conceived as one of the drivers of the Tolyatti TOSER, may become another example of a failed investment project that failed to fulfill its obligations.

Photo: Freepik