RYBINSK, Yaroslavl Region, July 5 (AVN) - Shareholders of the local Rybinskie Motory engine-building enterprise and Moscow's Lyulka-Saturn design bureau decided at a joint meeting on Thursday to establish the Saturn research and production enterprise, a shareholder told the Military News Agency.
Earlier it was reported that shareholders meetings of Rybinskie Motory and Lyulka-Saturn decided in April to merge the two enterprises.
According to the shareholder, Saturn is the first step towards establishment of a powerful integrated structure with high concentration of research, production and financial resources. Saturn is capable of achieving high aims in maintenance of Russia's national security, including development and mastering production of new-generation aircraft equipment.
Besides, the merger will help boost the state's role in management of the company by means of increasing the state-owned package of shares, cut expenses on development and production of new gas-turbine engines and implementation of new promising projects. They include designing the export variant of the AL-31 engine of Generation 4+, developing and producing a fifth-generation engine.
The scale of set tasks provided for involving new managers in the unified company's administration. The managers have proven efficiency of their work in modern conditions and are capable of making Saturn Russia's largest developer and producer of aircraft engines and other military- and civil type equipment, the shareholder said.
The Saturn board of directors features representatives of the Gazprom oil and gas giant, International Congress of Industrialists and Entrepreneurs, Ministry of Property Relations, Russian Armed Forces, Russian Aviation and Space Agency, Raduga machine-building design bureau, Tekhnokom company, Sistema corporation and Yaroslavl region administration. Also on the board are Rybinskie Motory Director General Yuri Lastochkin and Lyulka Saturn Constructor General Igor Seleznyov.
Chairman of the union's council Viktor Glukhikh was elected board chairman and Lastochkin became his deputy.