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10 Nov, 2006 05:07

MoD Sergey Ivanov is to head new state aircraft building corporation

MoD Sergey Ivanov is to head new state aircraft building corporation

Russian Deputy Prime Minister and Minister of Defense Sergey Ivanov has been set to become the head of the new state-run aircraft building company, which will unite the industry's main players.

The United Aircraft Building Corporation – or UABC – will bring together the major names in the country's civilian and military sectors, including MiG, Sukhoi and Tupolev in a bid to re-invigorate Russia's once-mighty aircraft constructors.

Sergey Ivanov pointed out that the foreign investors will not be allowed to buy shares in the military arm of the new company.

The decision to appoint Ivanov to head the corporation is a sign of how important the industry is to Russia.

It produced a quarter of the world's civilian aircraft during the Soviet period, but now turns out a small fraction of that, and needs investment to compete with Western giants such as Airbus and Boeing.

UABC says it will produce 120 aircraft a year by 2015.