Saturn’s new owners have asked Director General Yury Lastochkin to stay after he has sold his stake.
Photo: Dmitry Lekay
| Other Photos |
 |
|
 |
Sistema and Rosoboronexport to Control Engine Construction
The Russian arms trader Rosoboronexport and the Sistema company are buying a controlling stake in the Saturn engine producer. The two companies have registered a new firm that would manager Saturn, Perm Engines and Ufa Engine-Building Production Association. The holding will be set up before the end of the year.
Rosoboronexport and Sistema have set up a management company ahead of the consolidation of engine-building assets, a source informed on the course of the talks told Kommersant. The state will hold the controlling stake, and Sistema will own 49 percent. The two parties have agreed to buy a controlling stake in Saturn from its major owner and CEO Yury Lastochkin for $250 million, sources of Kommersant reported. The engine-building holding is due to be set up before the end of the year.
Denis Manturov, head of Rosoboronexport’s subsidiary Oboronprom, confirmed the talks with Saturn and the Ufa engine-building plant. Mr. Manturov said he hoped that Yury Latochkin and the chief executive of the Ufa plant would stay at their posts.
Rosoboronexport, Sistema, Vneshtorgbank and Vneshekonombank agreed last December to be partners in merging private assets in the engine construction industry. The total worth of the order portfolio at the holding’s plants is at least $2 billion. Saturn and Ufa Engine-Building Association sell engines for Su fighters. Saturn is also developing engines for SuperJet100 planes. Perm Engines produce engines for Il and Tu jets.
Sistema would not comment Thursday. But the company’s CEO Evgeny Evtushenkov confirmed in an interview with Kommersant late last year that his company was considering a part in an engine-building holding.
www.kommersant.com
All the Article in Russian as of Feb. 09, 2007
|
|
|
