Siberian Aluminium Group wins seats on the board

Published: 5/31/2000

Siberian Aluminium Group (SAG), with a controlling interest in Samara-based Aviakor, has won five out of the nine seats on the board of Hydroautomatika during the company's AGM on the 26th May 2000. SAG now controls 45% of Hydroautomatika capital. According to Nickolai Srybnykh, General Director of Hydroautomatika, a major producer of hydraulic systems for military aviation, the company plans to expand its aerospace business through participation alongside the arms export agency, Rosvooruzhenie, in military aircraft upgrades. Hydroautomakika believes that the overall programme will be worth between $500-800 m. The main products of Hydroautomatika are fuel, hydraulic and oil systems for aircraft; fire fighting installations and life support systems. As part of its conversion programme from military applications the company has developed a number of alternative production lines primarily for the automotive industry including plans to produce power steering for AvtoVAZ's Nivas (up to 100,000 units per year).

Article ID: 1821