18.04.2011

THE ACQUISITION OF JSC PAO INKAR BY JSC STAR IS COMPLETE

Perm, April 18, 2011 – On March 31, 2011 the Federal Tax Service issued certification about the entry into the unified state register of corporations of notes on the cessation of activities by Open Joint-Stock Company PAO Inkar (Inkar Perm Aggregate Association) as it is reorganized by acquisition.

Certification was simultaneously issued about the reorganization of the corporation as part of its acquisition by Open Joint-Stock Company STAR.

This means that the legal procedures to incorporate a unified company under the STAR brand have been successfully completed. The new single entity has been registered in the unified state register.

On April 01, 2011, in accordance with the law, JSC PAO Inkar shareholders were bought out of their stakes. The remaining shares were converted into STAR shares. JSC United Industrial Corporation Oboronprom controls 85.63% of the shares of the newly formed company.

The United Engine Corporation envisages the realization of a unified technical policy, specialization and concentration of production, and the development of specialized centres of excellence.

The goal of the reorganization is amalgamation of the human resources and the scientific and technical potential of the two enterprises in order to increase production efficiency and competitive advantage. The merger of a developer and designer – JSC STAR – with a mass producer – JSC PAO Inkar – into a single structure will enable new developments to be implemented and perfected in a shorter period of time.

The task facing the new STAR enterprise is to preserve its leading position in Russia in developing fuel-regulating equipment for aviation engines and terrestrial installations, provide for profitable and financially solvent operation, and a high-quality product.

Short-term plans include the process of internal restructuring of production, as connected with the corporate reorganization.

The general shareholders’ meeting of shareholders in the newly-reorganized company is planned for May 2011.

JSC STAR was founded in 1943 and is a designer and producer of electronic-hydromechanical guidance systems for airplane and helicopter engines, as well as for gas turbine systems for energy and gas installations. The enterprise’s developments were recognized with three State Prizes of the USSR, and are protected by 583 copyrights and patents. It is part of the United Engine Corporation (a wholly-owned affiliate of JSC UIC Oboronprom).

JSC UIC Oboronprom is a multi-faceted engine-building group of companies, created in 2002. It is part of the Russian Technologies State Corporation. Its main areas of business are helicopters (Russian Helicopters), engine building (UEC), and other assets.


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