In a move to streamline the aviation industry, President Putin signed a resolution February 21 on forming the UABC, which will be a majority state-owned corporation consolidating aircraft construction companies and state assets engaged in the manufacture, design and sale of military, non-military, transport and unmanned aircraft.
Viktor Khristenko said in parliament the main elements of the new company have already been coordinated with all concerned departments.
The corporation, which will be governed by a collegial body, will consolidate its assets in the first quarter of 2007, and will place shares between 2007 and 2008.
State-owned fighter jet manufacturer MiG, as well as the aviation companies Sukhoi, Tupolev, and Ilyushin, will be integrated into the UABC.
Several recent accidents involving Russian airliners, as well as a bootleg spare parts scandal, had raised concerns about the state of the Russian aviation industry and its ability to compete on world markets.
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