Large Holding Companies to Be Set Up in Russian Space Industry

BERLIN. May 12 (Interfax) – The program to restructure the Russian space industry will include the establishment of seven to eight large industrial corporations and holding companies in 2005- 2006.

“In the near future we will convene a board meeting to discuss the issue of reforming the space industry and establishing corporations and holding companies in 2005-2006. We plan to establish seven to eight large industrial enterprises in the space industry,” Anatoly Perminov, head of the Russian Federal Space Agency, told Interfax Wednesday at the ILA 2004 air show.

According to him, the holding companies and corporations will specialize in designing and manufacturing carrier rockets, rocket engines, various satellites, orbital satellite group control devices and other space equipment.

Perminov also said that all redundant organizations would be terminated in the course of establishing large holding companies in the space industry.

For details, see the Interfax-Military News Agency newswire.