08.04.2015

FSUE Gas-Turbine Engineering RPC Salut was reorganized into joint-stock company

Reorganization of Federal State Unitary Enterprise Gas-Turbine Engineering RPC Salut into joint-stock company is complete.

The change of the enterprise's legal form of organization was enacted in pursuance of the Decree of the President of the Russian Federation No. 621, issued 17 May 2012. On 7 April 2015 all ordinary book-entity shares of the enterprise were placed in behalf of the Russian Federation represented by the Federal Agency for State Property Management. Subsequently, 100% of JSC Gas-Turbine Engineering RPC Salut shares will be transferred to State Corporation Rostekh as asset contribution, with a view of depositing them with the authorized capital of United Engine-Building Corporation (UEC). The incorporation of Salut within UEC should finalize the engine-manufacturing branch consolidation process.

Joint-Stock Company Gas-Turbine Engineering RPC Salut is a cessionary of FSUE Gas-Turbine Engineering RPC Salut. Prior to the first shareholders' meeting, Mr. Vladislav Masalov was appointed as Director General of the joint-stock company and members of the board of directors were determined In compliance with regulation No. 146 on conditions of privatization of the enterprise, issued 17 February 2015.

The reorganization of the enterprise into joint-stock company provides us with more tools and ways to increase our efficiency. It enables us to attract additional investments, facilitating development and modernization of production. says Vladislav Masalov, Director General of JSC Gas-Turbine Engineering RPC Salut, Furthermore, the organizational form of a joint-stock company allows a better control of the enterprise's business, due to mandatory disclosure of decisions and financial results, as well as the activity of the board of directors, which will include state representatives. The changes are not going to affect regular employees. Input of skills remains a priority for Salut, considering the necessity of timely fulfillment of state defence order and implementation of the import-replacement program.

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JSC Gas-Turbine Engineering Research and Production Center Salut is the oldest enterprise in Russia with the established full technological cycle of production of gas-turbine engines, founded in 1912. The enterprise specializes in development, pilot production, full-scale production and overhaul of aircraft engines, gas-turbine plants for industrial use, as well as after-sales service of said products.

JSC United Engine-Building Corporation (an organization within State Corporation Rostekh) is an integrated organization, specializing in development, serial production and servicing of the engines intended for military and civilian aviation, space programs and naval forces, as well as oil and gas industry and power industry. One of the high-priority lines of work of UEC is implementation of complex development programs, aimed at branch-related enterprises, involving introduction of new technologies, complying with international standards. The holding company's revenue in 2013 amounted to 158,9 billion rubles.

State Corporation Rostekh is a Russian corporation established in 2007 to assist development, production and export of high-tech industrial products for civilian and military use. The corporation includes more than 700 organizations, which presently comprise 9 holding companies within military-industrial complex and 5 in civilian industry branches, as well as 22 organizations with direct management. Rostekh's portfolio includes such renowned brands as AVTOVAZ, KAMAZ, Vertolety Rossii, VSMPO-AVISMA and others. The organizations comprising Rostekh are situated in 60 regions of the Russian Federation and supply products to more than 70 countries. Rostekh's revenue in 2013 amounted to 1,04 trillion rubles; total assessments to budgets of all levels amounted to more than 138 billion rubles.

 

Copyright 2016 JSC "GTERPC "SALUT"

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