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21 Apr, 2008 11:27

Russian chopper firms merge

Russia's five major makers of helicopters are to merge into one holding company. They’ll go under the name Helicopter Russia. Company head Andrey Shibitov says the first stage of the rationalisation has been completed.

The process will continue until the first quarter of 2009, when the idea is to float the company on the stock market.

Shibitov explained the new company’s ambitious plans.

“The creation of the helicopter holding is going ahead. Five companies have already joined the holding and represent the basis for the company. The first stage is finished. The second stage will be the creation of a united managing company for the holding. We plan to finish everything by the first quarter of 2009. Also we plan to go public…We plan an IPO by the end of 2009 in Russia with foreign markets also possible. And we are planning an aggressive marketing campaign for the Latin American and Asian markets,” Shibitov said.