From left to right: Russia's President Vladimir Putin, First Vice Premier Sergey Ivanov, Klimov Plant GD Alexander Vatagin
Photo: Dmitry Azarov
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Govt Gives More Than It Has
Russia’s President Vladimir Putin has set into motion an engine-building reform. The intention is to establish four industrial holdings that will be consolidated into a single corporation of aircraft engine construction. The tricky point is that the government doesn’t control two biggest enterprises of the industry, but intends to make them a portion of one of the new holdings.
Putin is obviously dissatisfied with the state of today’s engine-building industry of the country (the sales of Russia’s engines are 15 fold below the sales of General Electric), and views it a brake on the plans of United Aircraft Construction Corporation. So, the government faced a new task during the Saturday meeting in St. Petersburg – reorganizing this industry in two stages.
Four holdings will emerge to begin with. The first one, Gazoturbostroenie Salut, will be based on Moscow Salut and consolidate Pyotr Baranov Enterprise in Omsk and a few smaller enterprises in Moscow and Samara. The second holding will be created by consolidating Klimov Holding with Chernyshev Moscow Enterprise. The third holding will be established by Samara group of enterprises, while the fourth one will appear after consolidating the government’s stake in Perm Motory Holding with Rybinsk NPO Saturn Research and Production Association and Ufa Motor Construction Production Association (UMPO).
According to Federal Industry Agency Chief Boris Aleshin, all four holdings will be further consolidated into a single corporation of aircraft engine construction. The process will last till the end of 2009 and result in appearance of a giant with the annual turnover of no less than $2 billion.
The difficulty is that the government doesn’t control two key enterprises that it sees a portion of the fourth holding. The state-run stake in NPO Saturn doesn’t exceed 37 percent, while UMPO has no state holder at all.
www.kommersant.com
All the Article in Russian as of Aug. 13, 2007
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