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UAC and Antonov set up a joint venture

Joint Stock Company "United Aircraft Corporation" (UAC) [RTS, MICEX: UNAC] and the State Aircraft Manufacturing Company "Antonov" entered into the joint venture agreement today. The new entity is founded on the basis of "UAC - Civil Aircraft" Management Company. The Treaty has been signed in the presence of the Russian Prime Minister Vladimir Putin and Prime Minister of Ukraine Mykola Azarov. The was signed by President of UAC Alexey Fedorov and Chairman of the Board of Antonov Dmitry Kiva.

"The joint venture between UAC and Antonov should become a platform for the Russian and Ukrainian aircraft industry teamwork, - stated President of UAC Alexey Fedorov. - The primary goal of the enterprise is to coordinate our activities related to the jointly developed AN-series aircraft marketing and promotion including sales and after-sales service. Another important objective for the joint venture is to prepare further proposals for the Russian and Ukrainian aircraft industry integration".

The Treaty sets for the corporate governance principles of the joint venture. UAC and Antonov will own 50 % of the share capital in "UAC - Civil Aircraft" Management Company each. The parties also agreed to an onward approval of the new charter of the joint venture.

The Board of Directors of the joint venture will consist of twelve members, six of which will be appointed by UAC, and the other six - by Antonov. A representative of Antonov will chair the Board for the first two years, and a UAC representative will chair the Board over the subsequent two years.

The Audit Committee will be formed likewise with three candidates nominated by each of the founders of the entity. The Audit Committee will be chaired by a UAC representative for the first two years, and an Antonov representative will chair the Committee over the subsequent two years.

The parties also agreed that a candidate for the General Director for the first two years will be nominated by UAC, and a candidate for the First Deputy General Director will be nominated by Antonov. In two years the Company's management will be changed and Antonov will appoint its candidate for the General Director while UAC will appoint a candidate for the First Deputy General Director.

The Treaty shall enter into force on the date when Antonov purchases its legal status in the joint venture in accordance with the laws of the Russian Federation. The Treaty is valid for four years from the election of the Company's management in accordance with the new Company's charter.

Press release issued by United Aircraft Corporation (OAK) on October 29, 2010

 

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United Aircraft Corporation (OAK)
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