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Boeing took hit by leaving Russian market — Putin

Rostec CEO Sergey Chemezov noted that the Americans had brought in a significant number of modern machines and set up an entire production facility in Russia

MOSCOW, June 17. /TASS/. Boeing's exit from the Russian market hurt the company, President Vladimir Putin said at a meeting with Rostec CEO Sergey Chemezov.

At the meeting, Putin asked about the current state of Rostec’s titanium production.

"Of course, our plant is operating, though perhaps not at full capacity," Chemezov replied. "We’re primarily supplying our own aviation and helicopter manufacturers. Since the Americans left, our joint venture with Boeing has unfortunately been put on hold, so production volumes have decreased," he added.

"I take it they suffered losses from leaving?" Putin remarked. Chemezov confirmed, noting that the Americans had brought in a significant number of modern machines and set up an entire production facility in Russia. "Furthermore, we created together with them five cutting-edge alloys [for the aviation industry]; we have a 50-50 ownership split of the intellectual property," the Rostec chief executive added.

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