Asked whether Rosoboronexport plans to increase its stake to 100 percent, Chemezov said, "this is not required. A controlling stake - 51 percent - will suffice. If we have acquired 66 percent, we'll remain with the 66 percent stake."
Shareholders of VSMPO-Avisma elected at an extraordinary meeting on November 7 four representatives of Rosoboronexport to the board of directors, the company said in a press release. The board is made up of seven members and Rosoboronexport representatives have received the majority on the board.
The new board includes Chemezov, his deputy Alexei Aleshin, CEO and Deputy Director General of Oboronimpex Mikhail Voevodin, Director General of Gas Technology and Investment and Director General of Oboronimpex Mikhail Shelkov.
VSMPO-Avisma Director General Vladislav Tetyukhin was also elected to the board, along with Vasily Besedin, Avisma technical director and Nikolai Melnikov, director general of planning and production management at VSMPO-Avisma.
Chemezov was elected chairman of the board of directors.
VSMPO-Avisma is planning to carry out an IPO in 2007, despite the fact that the company's majority shareholder has changed. "The IPO is still part of the company's plans. It will not take place this year. Next year we will seriously think about the IPO," Tetyukhin said. "The reevaluation of the company will take place closer to the IPO," he said.
Chemezov said that during preparations for the IPO the company's board of directors might receive one independent member. He said that this would more than likely be a foreigner.
VSMPO-Avisma plans to exceed its production target two percent in 2006, Tetyukhin told journalists. He said that this year the company plans to produce 23,500 tonnes of titanium and titanium products, instead of the 23,000 tonnes planned earlier. The company plans to produce 27,000 tonnes of titanium and titanium products in 2007.