17 September 2002 06:03
Irkutsk aircraft-building corporation plans to change its name
He said that the decision to change the company name will be made
at the next stockholders' meeting set for the end of the year. The
IRKUTSK. Sept 17 (Interfax) - The Irkutsk Aircraft-Building Corporation (IAPO) has announced its plans to change its
name to "Irkut Research and Production Corporation," company President Alexei Fyodorov told the press.
meeting will also amend the company's charter, he said.
Irkut will be IAPO's legal successor and will preserve the status of a legal entity based in Irkutsk.
Fyodorov also said that in 2002, IAPO's sales are expected to reach $500 million. The company's earnings
amounted to 6.74 billion rubles last year.
The company's strategy is to establish a holding company based on IAPO that will incorporate project
organizations, tool-building enterprises and plants to manufacture civilian and defense equipment.
In 2001, the company increased its stake in the Russian Avionics company from 26.% to 51%, and achieved the
controlling share in Itella, a producer of electronic sensor equipment. In early summer, IAPO also increased its stake
in Taganrog's Beriyev Aviation Research and Technical Complex (TANTK) from 20% to a controlling stake. In a couple
of years, IAPO plans to buy a stake in an enterprise in European Russia that specializes in building civil aircraft. In
the future, the holding company plans to incorporate an enterprise to manufacture space equipment.
IAPO's main stockholders are the FTK Company (19.9%), the Forpost aviation design bureau (19.86%), the Sukhoi
aircraft building corporation (14.7%), the Aerokom company (10.18%) and the Brunswick U.B.S. Warburg Nominees (nominal
holder, 25.76%). [RU EUROPE EEU EMRG AER AIR MRG] sd mg <>
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