UAC Board of Directors approves key activities for 2011, United Aircraft Corporation (UAC)
Release Date: 2011-02-03
Moscow, February 3, 2011 – Today the JSC United Aircraft Corporation [RTS, MICEX: UNAC] held a regular Board of Directors (BoD) meeting chaired by Sergei Ivanov, Deputy Prime Minister of the Russian Federation and Chairman of the UAC’s BoD at the headquarters of the Corporation. The key issues were UAC's results for 2010, approval of production plans for 2011 and UAC's priorities for 2011.Alexei Fedorov, UAC’s then-President and Chairman of Executive Board, reported to the BoD on the Aircraft Production Plan for 2010 and presented Draft Plan for 2012-2013. In 2010, United Aircraft Corporation delivered more than 75 aircraft to national and foreign, civil and military customers. In 2011, UAC plans to dramatically increase its deliveries, first of all due to the launch of SSJ-100 deliveries and the growth of export deliveries made in line with the military and technical cooperation programs. It is planned to produce more than 100 airplanes in 2011. According to the Production Plan, the total number of military and civil aircraft manufactured by UAC’s enterprises in 2011 - 2013 will exceed 450 aircraft.
The BoD has approved the key areas of the UAC’s activities for 2011: development of the 5th generation fighter, development and preparation of serial production of Il-476 heavy military transport aircraft and other works in the interests of the Russian Ministry of Defense; MS-21 design work; start of SSJ-100 deliveries; certification of an upgraded Tu-204SM and accomplishment of the export plan.
Cooperation with foreign partners is a key priority as well, including Russian-Indian programs on the 5th generation fighter and medium transport aircraft, agreement of terms and conditions for the Russian-Ukrainian program on Antonov family aircraft development and production.
The BoD has approved the lists of candidates to the UAC’s subsidiaries’ Boards of Directors and committed UAC’s executives to carry out all the necessary procedures. In addition, the BoD approved UAC’s related party transactions.
The BoD also considered the results of UAC’s innovative activities in 2010. UAC spent 9.08% of its earnings (federal funds not included) on R&D in 2010, which is the largest figure among all Russian companies. This figure is expected to continue to rise in 2011.
The BoD considered the letter of resignation of Alexei Fedorov, UAC President and Chairman of the Executive Board. Sergei Ivanov assigned the BoD members to prepare and to submit to the Russian Government a directive appointing Mikhail Pogosyan, UAC’s First Vice-President for Program Coordination, General Director of JSC Sukhoi, JSC Russian Aircraft Corporation MiG’s General Director/General Designer as the President of UAC.
| Type: | NORMAL |
| Company: | United Aircraft Corporation (UAC) |