The Ukrainian Cabinet of Ministers has approved a proposal by the Ministry of Economic Development & Trade and the Antonov state aircraft manufacturing concern that this concern should withdraw from the Ukrainian-Russian joint company UAC-Antonov (Moscow), the Interfax Ukraine news agency reports.
"The Antonov state aircraft manufacturing concern is to take measures to ensure the concern’s withdrawal from ... the UAC-Antonov limited liability company," the Cabinet of Ministers resolution No. 920 dated 8 September states.
As reported earlier, the Antonov state aircraft manufacturing concern and Russia’s United Aircraft Company (UAC) signed an agreement on establishment of a joint venture during the seventh meeting of the Ukrainian-Russian Intergovernmental Commission’s committee on economic cooperation in Kiev in October 2010, which was attended by the prime ministers of the two countries.
According to information provided by both parties, the joint venture was to facilitate coordination of joint programs in the aviation industry by the Ukrainian and Russian sides, as well as engage in marketing and after-sales servicing of aircraft. The joint venture also planned to prepare proposals on further integration of the Russian and Ukrainian aircraft manufacturing industries after corporatization of the Ukrainian aircraft manufacturing industry.
According to the SPARK-Interfax database, the Antonov state aircraft manufacturing concern and the United Aircraft Company each own RUB 12.5 million in the UAC-Antonov joint venture. United Aircraft Company previously owned 100% of the shares in the company.