18 September 2002 06:14
IAPO TO CHANGE ITS NAME TO IRKUT
The company's development strategy is aimed at creating a holding
company on the basis of IAPO, which will include projecting
The Irkutsk Aviation Production Association (IAPO) plans to change its name to the Irkut Research and Production
Association, the company's president, Alexei Fedorov, told the press. A decision on renaming the company will be
made at an extraordinary shareholders meeting at the end of the year. Shareholders will also discuss amendments to the
company charter. Irkut will become the successor to IAPO and remain a legal entity in Irkutsk. IAPO will post sales of
$500 million in 2002, Fedorov said. Sales earnings totaled 6.74 billion rubles in 2001.
organizations, construction companies and civil and military equipment design plants In 2001, IAPO increased its
stake in ZAO Russkaya Avionika from 26.6% to 51%, and also increased its share in ZAO Itella, a sensor electronics
manufacturer, to a controlling stake. At the beginning of the summer it increased its stake in the Taganrog Aviation
Complex Beriev (TANTK) from 20% to a controlling stake. Over the next 18 months to two years, IAPO plans to acquire one
of the plant's in Russia's European area to specialize in civil aircraft construction. Later aerospace
companies will also be included in the holding. IAPO's biggest shareholders are ZAO Kompaniya FTK with 19.97%, AKB
Forpost with 19.86%, AVPK Sukhoi with 14.7%, ZAO Aerokom with 10.18%, and ZAO Brunswick UBS Warburg Nominees, which
nominally holds 25.76%.
[EIW [Europe Intelligence Wire]] |
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