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JSC "United Aircraft Corporation" registers LLC "Managing Company "UAC - Civil Aircraft"

JSC "United Aircraft Corporation" registered LLC "Managing Company "UAC - Civil Aircraft", a subsidiary structure to be responsible for project management and civil aircraft deliveries. Creation of a 100-percent affiliated company will allow to organize a single point of responsibility for development, production, sales and after-sale maintenance of civil aircraft on the Russian market.

UAC's manufacturing program and a considerable increase in civil aircraft production volumes requires production capacities consolidation, concentration of key resources and competences, acceleration of technical reequipping programs at production sites as well as changing the existing production cooperation model. Furthermore, it is necessary to organize a new civil aircraft sales and after-sale maintenance system, aimed at identifying and meeting the customers' needs.

According to the decision of the UAC's Board of Directors, Alexey I. Fedorov, UAC President and Chairman of Executive Board will hold the position of Director General of the LLC "Managing Company "UAC - Civil Aircraft" during the initial stage of the company's development. This fact emphasizes the significance of the tasks set before the company and will improve coordination of work between JSC "UAC" and LLC "Managing Company "UAC - Civil Aircraft".

By creating the Managing Company "UAC - Civil Aircraft", JSC "UAC" strengthens direct operational control to substantially increase civil aircraft production as provided by "The Main provisions of the Development Strategy of the Open Joint Stock Corporation "United Aircraft Corporation" for a Period up to 2025" and plans for civil aircraft production for the period of 2008-2012, approved by the federal authorities.

Furthermore, creation of the Managing Company "UAC - Civil Aircraft" as a separate company will provide the necessary flexibility in decision making, effectiveness of work on the market and prompt response to the customers' needs and will help to more effectively organize operational management functions in production.

Sales control functions, including conclusion of contracts on behalf of JSC "UAC" with airlines on delivery of aircraft, production management and after-sale maintenance of the Tu-204/214/334, An-148, IL-96 and, in the future, IL-114 aircraft are transferred to the Managing Company. Currently, the economic indices of the enterprises producing these aircraft do not satisfy the UAC's requirements and one of the tasks set before the Managing Company is to increase profitability of existing aircraft models primarily by reducing production costs.

Apart from the role of UAC's agent for production organization and civil aircraft supply, one of the key competencies of the Managing Company will be effective management of aircraft manufacturing plants and design bureaus, as well as improving the quality of their interaction in order to create a new quality supplier providing better conditions and service to customers.

According to UAC's plans, investments in technical upgrades of civil aircraft manufacturing plants should amount to 10 billion rubles until 2010. JSC "Voronezh Aircraft Manufacturing Company" (VASO), CJSC "Aviastar-SP" and JSC "Kazan Aviation Production Association n/a S.P. Gorbunov" will be the main recipients of funds. The LLC "Managing Company "UAC - Civil Aircraft" will manage investment cash flow and control the effectiveness of expenditures within the framework of general strategy for technical re-equipment of the Corporation's structures.

In addition, the Managing Company will take upon some elements of a corporate procurement system, including centralizing flows of key components both for use in new aircraft production and organization of a recurrent-exchange fund for after-sales maintenance.

Creation of the LLC "Managing Company "UAC - Civil Aircraft" was approved by the UAC's Board of Directors resolution on February 12, 2008. The authorized capital is 25 million rubles. LLC "Managing Company "UAC - Civil Aircraft" is a 100-percent subsidiary company of JSC "UAC".

Press release issued by United Aircraft Corporation (OAK) on June 5, 2008

 

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United Aircraft Corporation (OAK)

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