Russia to set up at least 3 shipbuilding holdings - deputy PM Ivanov
Russia intends to establish at least three shipbuilding holdings, a deputy prime minister said Monday according to RIA Novosti.
"A decision in principle was made that shipbuilding will have at least three holdings, unlike aircraft construction [which will have the United Aircraft Building Corporation (UABC)," Sergei Ivanov told the Cabinet members.
"We should try to avoid placing Russia's defense interests at risk while creating these holdings, and to preserve those areas of shipbuilding which are well developed while maintaining certain specializations in the global division of labor on the shipbuilding market," he said.
He also said the formal phase of the project will be completed in February, following which the formation of holdings will begin.
The 90% state-owned United Aircraft Building Corporation will incorporate commercial and military aircraft makers, such as Sukhoi, Ilyushin, and Tupolev, as well as companies involved in distribution, including Aviaexport.
It is set to begin operations in the first quarter of 2007 and to hold an IPO in early 2008.