After six months of talks, Boeing has finally agreed to return its 35.3% stake in Aero Vodochody, for which it had paid the government CKr1 billion ($39.5 million) in 1998, for just CKr2.
In return, the Czech government will waive any claims that could result from decisions made by the US company during its six years in Vodochody. The deal will also be costly for the Czech government because in the next two years it will have to redeem Aero's debts of more than CKr9 billion.
Boeing's stake will be divided between two other current shareholders, Letka (the daughter company of the National Property Fund) and the Czech Consolidation Agency. The aircraft manufacturer will thus become fully state-owned, although the industry ministry plans to resell the company, either to another aircraft manufacturer or an institutional investor.
In 2003, Aero Vodochody made a profit of CKr313 million, but on top of heavy losses in previous years. The manufacturer is now making money predominantly from modernisation of its L-39 Albatros jet trainer, which it sold to countries including Algeria and Tunisia in the 1980s and 1990s. Production of the subsonic L-159 fighter has ceased. The Ae270 turboprop single is in development.
LUBOMIR SEDLAK / PRAGUE
Source: Flight International