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POLITICAL DECISION TAKEN TO SET UP AIRCRAFT HOLDING COMPANY

RIA Novosti

ZHUKOVSKY (Moscow Region), February 22 (RIA Novosti) - Rusisan President Vladimir Putin tasked the government with drafting a decree spelling out a plan for establishing a united aircraft-building company.

"Judging by what I have been told [at the State Council presidium's meeting on the aircraft industry's problems], nobody doubts the necessity to do it [set up the aircraft-making holding company]. The decision has been taken," he said in his concluding remarks at the meeting. "There should be a common plan, to which we will stick."

Meanwhile, Industry and Energy Minister Viktor Khristenko is sure that there will be room for all Russian major aircraft manufacturers in the future holding company. The latter will include Sukhoi, MiG Corp., Tupolev and Irkut as well, Mr. Khristenko told reporters once the meeting was over.

"Their brands will be retained," he promised.

At the same time, he opined it was premature to speak of who would head the united aircraft manufacturer since it was up to the shareholders. The minister added that Irkut's Vice-President Valery Bezverkhny supervised the issue.

According to Mr. Khristenko, the legal procedure of establishing the holding company is to be completed on December 31, 2006 and then a decision will be taken. Pooling the assets of the major Russian aircraft manufacturers is believed to take about two years.

In addition, a decision has been taken by business and the government to pool the efforts in setting up the united aircraft-building company.

"The state with its 60-70% of the stock will be sure to dominate the company in the beginning,' Mr. Khristenko emphasized. "Selection of a range of products and the order book will be discussed."

Commenting on Mr. Khristenko's statement, Tatarstan's President Mintimer Shaimiyev said he would not be in a rush to set up a united aircraft-building company, because it might affect individual manufacturers that have been quite competitiverecently.