UEC to acquire management of four aviation repair plants

The United Engine Corporation (UEC) have been approved by the Federal Anti-monopoly Service of Russia to take on the functions of sole executive for four aviation repair plants (ARP) belonging to the Russian Ministry of Defence.

The four companies, which carry out technical repairs and servicing of aviation engines, as well as repairs, will be under the management of the United Engine Corporation. The FAS made the decision having reviewed the holdings application, filed on July 12, 2013. The decision refers to the following companies, belonging to Aviaremont:

After holding an extraordinary general meeting of shareholders at the companies, UEC will for now take on only the functions of sole executive. The matter of including the ARP into the holding by transferring batches of shares will be decided at a later date.

United Engine Corporation is a wholly-owned subsidiary of OBORONPROM. More than 85% of the leading companies specializing in the development, mass production, and aftersales servicing of gas turbine equipment are integrated into UEC, as well as key companies- selectors of the industry. One of UECs priority directions is implementing comprehensive programs for developing companies by implementing new technologies that meet international standards

OBORONPROM is a multi-faceted machine-building group of companies, founded in 2002. It is a part of the Russian Technologies group of companies. Its primary activities are helicopter building (Russian Helicopters), engine-building (UEC), and other assets.

Rostech is a Russian corporation founded in 2007 to facilitate the development, production, and export of high-tech industrial products for civil and military applications. Altogether, Russian Technologies encompasses 663 organizations of which there were created 8 holdings in the military-industrial complex and 5 in civilian industry. The corporation works in 60 constituents of the Russian Federation and supplies products to more than 70 countries around the world. Its 2012 turnover was 931 billion rubles, with net profit of 38.5 billion rubles. It paid a total of 109 billion rubles in taxes to in all budget levels.