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United Technologies Unloads Perm Rocket Engines
The U.S. company United Technologies plans to sell its 12-percent share in OAO Proton-Perm Motors. The buyer is to be the Khrunichev State Space Research Center, which already owns an 85.6-percent share in the rocket engine producers. A source in PM Invest, a minority shareholder in Proton-MP said that United Technologies assesses the value of its share at $12-15 million. United Technologies confirmed that negotiations are underway. Khrunichev Center declined to comment on the question.
Valery Zeglov, general director of parent company ZAO UK PMK, told Kommersant yesterday that United Technologies does not plan to withdraw from other Perm Motors divisions it has assets in. Russian President Vladimir Putin created the Khrunichev Center state holding from four producers of rocket technology at the beginning of the year. Proton-PM makes the liquid-fuel RD-275 rocket engine that is used in the first stage by the Proton-PM heavy rocket carrier. The company's proceeds in 2006 were 2.2 billion rubles and net profit 13.8 million rubles.
United Technologies became a shareholder in the Perm Motors holding in 1997 as a partner to Vladimir Potanin's Interros, the owner of the holding at the time. It acquired 12 percent in Proton-PM, 25 percent in Perm Motors Plant and a blocking package in Aviadvigatel. After the holding passed from Interros to Guta Group and then to Vneshtorgbank and AFK Sistema, United Technologies became less active in the enterprises.
Analysts note that, with a 12-percent share, United Technologies had little influence in Proton-PM. Lockheed withdrew from Khrunichev Center last October.
www.kommersant.com
All the Article in Russian as of May 29, 2007
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