Russian Technologies Group (Rostec) expects to complete the sale of a block of shares in VSMPO-AVISMA in the second half of the year 2013, according to a statement made by Sergey Chemezov, the head of Rostec, in an interview for Russia Today.
It will be recalled that Oboronimpex, Rostec's subsidiary, owns 66% of the shares in VSMPO-AVISMA. On November 27, 2012, Rostec announced its intention to reduce its interest in VSMPO-AVISMA to a blocking stake.
OJSC VSMPO-AVISMA Corporation (tax number: 6607000556) is the largest worldwide manufacturer of titanic goods (ingots and all kinds of semi-finished products of titanic alloys). Also, the corporation produces pressware of aluminum alloys, semi-finished alloy steel products and heat resistant nickel-based alloys. The company's principal manufacturing assets are located in cities Verkhnyaya Salda and Berezniki.
The company is part of the state-run corporation Rostekhnologii (Russian Technologies). Its authorized capital is RUB 11.53 million and is represented by 11,529,538 common shares at par value of 1 ruble.
Net profit (RAS) of OJSC VSMPO-AVISMA Corporation for H1 2012 increased by 4.46% to RUB 2.902 billion from RUB 2.778 billion for H1 2011. Revenue increased by 33.62% to RUB 18.831 billion from RUB 14.093 billion.
Rostec (the state-owned company Russian Technologies) established in November 2007 is meant to provide assistance to Russian entities of various industries in the development, manufacture and marketing of hi-tech goods domestically and abroad, in carrying out applied R&D to explore promising technologies and in adopting advanced techniques for production to boost the quality of domestic technologies, to reduce the time and cost of their development.
Rostec comprises over 550 enterprises representing various economy sectors. Among them are such Russian companies as FSUE Rosoboronexport, United Engine Corporation, Russian Helicopters, VSMPO-AVISMA Corporation, Urals Optical & Mechanical Plant, Ruselectronics, AvtoVAZ, KAMAZ, Skartel (employing the Yota brand) etc.