October 19, 2007 -- A "titanium valley" is to be established in the Sverdlovsk Region (Urals) with the assets of VSMPO Avisma, the world's largest titanium producer. It will produce expensive components for global aircraft companies, said First Deputy Prime Minister Sergei Ivanov.

"In the past, we produced semi-finished goods at best, supplying them only to the enterprises in the Soviet Union. Now we plan to produce components for all countries of the world," he said.

Ivanov also said that machine tools were being bought to "produce not semi-finished items, but finished and very expensive aircraft components."

VSMPO Avisma accounts for 32% of the global output of titanium sponge and 6% of magnesium. Titanium sponge is used to produce sheet, sections, and forged and stamped goods, up to 80% of which is exported. The corporation’s partners are Boeing, Airbus, Snecma, General Electric, Rolls Royce, and Pratt & Whitney.

Source: Russian Financial Control Monitor