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Sibirsky Aluminy's new aquistion faces challenging 1999

Aviakor's new owners not greeted with good figures for 1998

Published: 7/5/1999

On July 1st 1999, Aviakor, the Samara based aircraft producer, revealed some poor results at its annual general meeting (AGM). The company incurred losses of approximately 57.8m roubles ($2.25m), of which 41.3m roubles were attributable to the company's social obligations. During 1998/99, the plant produced only six aircraft and repaired eight Tu-154Ms, for revenues of 45.1m roubles. The AGM elected a new board comprising 17 members, with 13 of the seats going to the representatives of the Sibirsky Aluminy Group, which is the new owner of the company. Mr Lev Khasis, General Director of the company, resigned. The AGM also approved a programme of restructuring measures, although details of these have not yet been specified.

Article ID: 651

 

 

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