NPO Saturn and UMPO signed Memorandum

         Russia's leading airplane engine manufacturers OAO NPO Saturn and Ufa Engine Building Production Enterprise (UMPO) signed on August 23 at MAKS 2007 a Memorandum of Strategic Partnership.
         The agreement provides terms for the establishment of ZAO Saturn-UMPO management company, which will have exclusive functions of the executive body. ZAO Saturn-Umpo CEO will be Yuri Lastochkin, NPO Saturn CEO, chairman of the board will be UMPO CEO Alexandr Artyukhov.
         The companies intend to establish a joint company, which will become the leading gas-turbine engine producer. The priority will be the development and producing engines for military aviation (117, AL-55), the development of the AL-31F engines and designing the fifth generation engine for the PAK FA (perspective aviation complex of tactical aviation). The joint company also intends to build up its presence on the market of land- and sea-based power and gas-turbine systems.