Some media reports about alleged division of United Shipbuilding Corporation into the military and civilian units are not true, the Corporation said Friday.
"Under present conditions such a division into two separate corporate structures, is actually impossible. Almost all the companies belonging to the United Shipbuilding Corporation, produce both military and civil product lines, using the same production infrastructure, the same technology, personnel, etc.," the Corp. press service quotes USC President Roman Trotsenko as saying.
The information on possible split of the state-owned shipbuilding holding was published today in the Kommersant. The newspaper said the spin-off the shipbuilding divisions would turn into separate legal entities.
United Shipbuilding Corporation was founded in 2007 as a 100-percent state-owned group of companies consolidating about 70% of domestic shipbuilding industry. UCS currently incorporates three regional shipbuilding centers, nine engineering and design offices and 39 dockyards. The Corp’s largest shipbuilding assets include Kaliningrad-based JSC Yantar Shipyard, JSC Admiralty Shipyards (St. Petersburg), JSC PA Sevmash (Severodvinsk), JSC DVZ Zvezda (Vladivostok). Besides, UCS holds a 50% stake in Arctech Helsinki Shipyard, a joint venture with STX Finland Cruise Oy.
The Corporation participates in several major international projects: construction of a new mega shipyard Zvezda-DSME through a JV with Daewoo Shipbuilding & Marine Engeneering (South Korea), the construction jointly with Yantai Raffles (Singapore) of Vostok-Raffles Shipyard. In 2010, USC posted total revenue of RUB135 billion. Currently, USC consolidates about 70% of the domestic shipbuilding industry. The Group focuses on the Russian market, but also exports its products to 20 countries.
