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Russia’s Industry Ministry does not rule out UAC merger with Rostec

March 21, 17:05 UTC+3 MOSCOW

Russia’s Industry and Trade Ministry does not rule out a merger of the United Aircraft Corporation and the state-owned hi-tech corporation Rostec in the future

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MOSCOW, March 21. /TASS/. Russia’s Industry and Trade Ministry does not rule out a merger of the United Aircraft Corporation (UAC) and the state-owned hi-tech corporation Rostec in the future, Minister Denis Manturov said Tuesday.

"We do not rule out such decisions as there is such a trend and there is great synergy between Russian Helicopters and UAC, and each year it will become only greater due to optimization of production capacities," he said.

Earlier Chief Executive Officer of Rostec Sergey Chemezov said in an interview aired by the Rossiya-24 TV news channel that he considers it reasonable to make United Aircraft Corporation (UAC) part of Rostec in the future. He added that the state corporation provides 60-70% of components to UAC.

Later Deputy Prime Minister Dmitry Rogozin said he does not support the initiative and does not consider it a relevant issue. According to Rogozin, the United Aircraft Corporation is a separate entity, while Rostec is going through an important process of acquisition of Uralvagonzavod this year.

UAC, established in accordance with the Russian President’s decree of February 20, 2006, is engaged in the development, manufacture, sale, modernization, warranty and after-sale maintenance and repair of civilian and military aircraft. It comprises about 30 firms in the aircraft industry. The state holds 91% of shares in the corporation.

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