Chairman of the Government of the Russian Federation Dmitry Medvedev signed a decree on handing the Voronezh Aircraft Production Plant over to Rostech. The state corporation received 92.3% of the parent structure of the United Aircraft Corporation (UAC). The document was published on the website of the Russian Government on Thursday, November 22.

The information about the transition of the UAC to Rostech was announced in late October of 2018. The UAC includes the major Russian aircraft construction enterprises – MiG, JSC Sukhoi Company, JSC Tupolev, PJSC Ilyushin Aviation Complex, JSC Irkut Corporation, research and development facilities, design bureaus and assemblage plants in Moscow, Ulyanovsk, Voronezh, Nizhny Novgorod, Irkutsk, Novosibirsk, and Komsomolsk-on-Amur – about 30 enterprises in total.

The context

Rostech was created in November or 2007. 443 enterprises working in aviation, radio electronics and arms industries have passed into the state corporation’s control. 148 of them were in a critical state, 28 were practically bankrupt. The total debt of the plants amounted to approximately 630 billion rubles. By the end of 2017, the assets of the state corporation were estimated at 3 trillion rubles. The revenues amounted to 1.5 trillion rubles.