OOO EADS, the Russian arm of the European aerospace giant, has completed its purchase of a 10% stake in Russia’s largest privately held aircraft manufacturer NPK Irkut.
“Together, we will achieve more success in the global markets,” says OOO EADS general director Vadim Vlasov, who has joined the Irkut board. EADS is investing €55 million ($65 million) in joint EADS-Russian programmes, he says. Parts production for Airbus airliners worth $20 million annually is set to increase to $200 million by 2011.
“We consider this move as an important step towards integration of the Russian companies into the global aviation industry,” says Boris Alyeshin, head of Russia’s federal agency for industry.
Source: Flight International