10:00 15.09.2015

Antonov to quit UAC-Antonov joint venture – directive

1 min read
Antonov to quit UAC-Antonov joint venture – directive

The Ukrainian government has accepted the proposal by the Ukrainian Economic Development Ministry and the state aircraft maker Antonov over the latter's withdrawal from its Moscow based joint venture with Russia's United Aircraft Corporation (UAC).

"The State Aircraft Building Concern Antonov is to take measures to ensure its exit from ... UAC-Antonov," reads the Cabinet Directive No. 920 dated September 8, 2015.

It was reported that Antonov and UAC signed a joint venture agreement in October 2010 in Kyiv, during the seventh meeting of the economic cooperation committee of the Ukrainian-Russian interstate commission, which was attended by the two countries' prime ministers.

Both parties declared at the time that the JV was created on a par basis to provide coordination by Ukraine and Russia of their joint aviation industry programs, conduct marketing and offer a post-sale service for aircraft. The joint company was also planning to make proposals on the further integration of the Russian and Ukrainian aviation industries in the future, once Ukraine completed the corporatization of its aviation industry.

According to the SPARK-Interfax database, Antonov and UAC hold equal 12.5 million ruble stakes in UAC-Antonov, which was previously 100% owned by Russia's UAC.

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