MOSCOW, August 11 (RIA Novosti) - Boeing (NYSE: BA) and Russian titanium giant Vsmpo-Avisma (RTS: VSMO) announced Friday the establishment of a joint venture to assemble titanium products for Boeing passenger liners.
The U.S. aircraft giant said the joint venture would produce titanium aircraft parts for the Boeing-787 Dreamliner first in the Urals region of Sverdlovsk and then at a Boeing plant in Portland, Oregon.
Boeing signed a memorandum with Vsmpo-Avisma, the world's largest titanium producer, to set up this joint venture on April 13, 2006. The enterprise will also sell around the world.
Vladislav Tetyukhin, Vsmpo-Avisma director general, said, "The agreement signed by Vsmpo-Avisma and Boeing develops relationship between the two countries that began in 1996. Boeing and Vsmpo-Avisma will continue joint work aimed to increase the productivity, quality and timely supplies, as well as to reduce the prime cost of products."
Vsmpo-Avisma was established in July 2005, when Avisma (Special Aviation Materials, a Soviet-era enterprise) merged with Vsmpo (Verkhnaya Salda Metallurgical Production Association). The corporation controls a third of the global titanium market.
