Investment company UMGI (formerly UMG Investments) of SCM Group in 2022-2023 invested almost $22 million in the development of the group’s businesses.

Last year, UMGI continued its strategy to expand into European markets by investing in the growth of its assets, according to a press release.

It is clarified that UMGI’s portfolio of industrial products has expanded due to the opening of a new plant for the production of cored wire Inwire Group in Izmit (Turkey), which is one of the largest manufacturers of components for the metallurgical industry in Ukraine. Construction and launch of the facility took two years. The products of the new production are aimed at covering the needs of the local market in Turkey and other countries of the Middle East and will help strengthen the manufacturer’s position in the global market.

The total investment in the project has amounted to $2.4 million since 2022. UMGI has also strengthened its upstream business portfolio with the opening of new VESCO Group production facilities in Spain.

"UMGI is committed to building a portfolio with a market value of $1 billion by applying our expertise to global markets, as well as attracting international partners to rebuild Ukraine. Our investment team is constantly exploring new business opportunities and developing a network of partners in the markets of Ukraine, the EU, Turkey and India. We aim to strengthen our portfolio with new businesses in the industrial and healthcare sectors both in Ukraine and abroad, closing one or two agreements per year,” said UMGI CEO Andriy Horokhov.

The press release notes that UMGI systematically supports the Ukrainian economy. The total amount of taxes paid by businesses managed by the company for 2023 amounted to more than UAH 321 million. In addition, to support the Armed Forces of Ukraine and communities in the places of presence of UMGI businesses, UAH 6 million were allocated and goods and services were provided for UAH 2 million. The defenders are provided with special equipment for the construction of fortifications, personal protective equipment, technical means, fuel and other necessary things, assistance is provided in the construction of fortifications, provision of construction materials, etc.

The total losses of UMGI from the war for 2023, according to internal estimates, amount to about $20 million. In particular, Chasiv Yar Refractory Plant, part of VESCO Group, is located in an active combat zone.