VSMPO-Avisma-controlled business goes into liquidation

VSMPO-AVISMA Corporation announced it was going to close down Titan Trading House after the corporation’s shareholders had made a decision to this extent. VSMPO-AVISMA Corporation used to own 70% of Titan’s shares; the trading house dealt in the sales of the corporation’s produce.

February 28, 2014. VSMPO-Avisma Corporation bought out 15% of its shares from Gazprombank for 14bn RUR, Kommersant refers to VSMPO-Avisma managers Mikhail Shelkov and Mikhail Voyevodin as saying. As a result of this deal, Shelkov and Voyevodin now own 65% of VSMPO-Avisma Corporation shares. Gazprombank started buying stakes in the corporation in 2012. In November 2012, Rostech announced it would like to buy out a 45.42% shareholding in VSMPO-Avisma for 970m RUR. The consortium of VSMPO-Avisma and Gazprombank managers Business Alliance Company (BAC) where VSMPO management has a 75% plus 1

This October, the Ural division of Rostechnadzor (the state technological and nuclear safety watchdog) is going to check VSMPO-Avisma Corporation and its daughter enterprises VSMPO-LESTA, VSMPO-Stroitel, Aluminum Profile, and VSChZL Ruslich for compliance with the industrial safety regulations. The inspectors will make sure the companies meet the electrical and environmental safety requirements as well as the Russian zoning standards. The inspection committee is to be chaired by Deputy Head of Rostechnadzor’s Ural division Anatoly Soloviev.

VSMPO-Avisma Corporation’s revenues might drop by an impressive 30% by the end of 2009 in comparison with the year 2008, the company’s BOD member Vladislav Tetyukhin announced at this year’s MAKS air show. Tetyukhin explained that the corporation would actually manage to make some net profit in 2009, but he was reluctant to give the exact figures. At the same time, VSMPO-Avisma’s goods output in 2009 is expected to come to 19,000 to 20,000 tons against last year’s 25,600 tons, RIA Novosti quoted the business executive as saying.

‘VSMPO-AVISMA Corporation has been trying to implement lean practices (targeted at cutting production costs and making the company’s performance more effective) as well as ISO tips for quite a while now. We’ve got good results in some departments, but you wouldn’t say we’ve been using lean practices to their full potential,’ Effectiveness Enhancement Director of VSMPO-AVISMA Corporation Nikolai Kondratenko said to UrBC representative. ‘We naturally do succeed in some projects; in most cases, however, achieving tangible results requires involving a large number of experts, some of whom yet