MOSCOW. May 16 (Interfax) - The United Aircraft Corporation (UAC) will update its development strategy before the end of this year, the corporate report said.
The reason for this decision is "the changed geopolitical situation," the report said.
The corporation "will optimize the aircraft product range, plan the development of new types of aircraft, and set priorities for rationalizing expenses," it said.
The current UAC strategy for the periods until 2025 and 2035 was approved by the Board of Directors in 2016. It aims at raising the share of aircraft manufactured by the UAC to 4.5% of the global market of civilian aircraft and 8% of the global market of military aircraft by 2025. Civilian aircraft are supposed to yield at least 40% of total revenue. The corporation also aims to break even and reduce its dependence on government subsidies by that time in order to draw private investors.
The UAC was established in 2006 to consolidate design bureaus and aircraft plants of Russia. At first, the Federal Agency for State Property Management (Rosimushchestvo) was appointed its primary shareholder, but President Vladimir Putin transferred 92.31% of the government stake in the corporation to Rostec in October 2018.