Industrial investors sell avionics and flight simulator business
Sistema Joint Stock Financial Corporation (JSFC Sistema) has taken over one of Russia’s largest producers of avionics and flight simulators, Technologies For Aviation (TAV), until recently known as Transas Aviation. St. Petersburg-based TAV is part of Kronstadt Group, which specializes in design and manufacturing of hi-tech military and civil produce, including drones. The 100% of assets of the entire group was sold by its former owner, Industrial Investors for RUR 4.8 bln (ca US $87.3 mln).
Industrial Investors has reserved for itself the assets of Transas, the well-established maritime system specialist. Shaking off side businesses which once sprouted within Transas but have grown into independent companies overtime, is supposed to enable Industrial Investors to “focus on developing other projects, including its global technological solutions for maritime sector under the Transas brand,” Industrial Investors CEO Andrei Burlinov commented.
In preparation for sale of aviation and defense-related businesses, they were separated from Transas and received their own brands earlier this year.
In its turn, JSFC Sistema expects that Kronstadt expertise will be complimentary to its other subsidiary, electronic solution specialist RTI Group. “This acquisition will strengthen RTI’s current and future ventures, including its new business of developing and producing aerospace, monitoring and communications systems for government and commercial customers. It will also help RTI to enter new markets including airborne control and navigation equipment, as well as simulators and training systems,” Sistema’s CEO Mikhail Shamolin said in a statement.
Founded in 1993 Sistema is a publicly-traded holding company, a major shareholder of companies in telecommunications, high technology, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. The company’s total asset cost is valued at RUR 1,175.7 bln (US $21.78 bln) as at June 30, 2015.
Russian Aviation Insider
Powered by Air Transport Observer, Russia & CIS’ premier information provider on commercial aviation with a 20-year legacy, Russian Aviation Insider provides you with timely and reliable business news, insights and analysis on commercial aviation all around CIS.
Sign up for our free Newsletter and never miss:
Get relevant data from reliable industry sources!
Leave a comment
You must be logged in to post a comment.