Russian Technologies State Corporation
 |
|
| non-profit organization (Russian state corporation) | |
| Founded | 2007 |
| Founder | Russian Federation (by a federal law) |
| Headquarters | Moscow, Russia |
|
Key people
|
Sergey Chemezov (CEO) |
| Revenue | $18.9 billion (2016) |
| $4 billion (2016) | |
| $1.31 billion (2016) | |
| Owner | wholly owned by the Russian Federation as "State corporation" |
|
Number of employees
|
453,000 (2016) |
| Divisions | Aircraft, Electronics, Armament |
| Subsidiaries | see below |
| Website | rostec.ru |
Rostec (Russian: Ростех, translit. Rostekh), formerly Rostekhnologii (Russian: Ростехнологии) is a Russian state corporation established in late 2007 to promote development, production and export of hi-tech industrial products for civil and defense sectors. It brings together about 700 entities which form 14 holding companies: eleven holding companies operate in the defense-industry complex and three are involved in civil sectors. Rostec’s organizations are located in 60 constituents of the Russian Federation and supply goods to over 70 countries worldwide.
Rostec was founded in 2007 as so called "state corporation", a type of legal entity in Russia. The state corporation is established by equity contribution made by the Russian Federation. The organization is headed by Sergey Chemezov. Its headquarters are located in Moscow.
The corporation consolidates strategically important companies, many of which are bankrupt or near bankrupt, with the ultimate goal of capitalizing them and bringing them to an IPO.
The full name is State Corporation for Assistance to Development, Production and Export of Advanced Technology Industrial Product «Rostec» (Russian: Государственная корпорация по содействию разработке, производству и экспорту высокотехнологичной промышленной продукции «Ростех»).
On November 23, 2007, President Vladimir Putin endorsed the federal law to establish Rostekhnologii, a state corporation, passed by the State Duma on November 9. The state contributed 443 entities to the corporation’s capital. Their total loss was RUR630 billion; 30% of such enterprises were in pre-crisis and crisis condition, 28 entities in bankruptcy proceedings, 17 had no business operations, and 27 had lost part of their assets or faced a material risk of such loss. Executives of some companies included in Rostec were in conflict with each other. At the time Rosoboronprom, a company eventually merged with Rostechnologii, acquired the controlling interest in VSMPO-AVISMA in 2006, the ongoing conflict between the shareholders exposed it to crisis. In October 2005, the Federal Financial Market Service (FFMS) suspended trades in common shares on the RTS Exchange and MICEX.
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