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Russian aircraft builder UAC postpones IPO from 2010 to 2011

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Russia's United Aircraft Corporation (UAC) has postponed its initial public offering by a year from 2010 to 2011, the company's executive vice president said on Thursday.
MOSCOW, October 30 (RIA Novosti) - Russia's United Aircraft Corporation (UAC) has postponed its initial public offering by a year from 2010 to 2011, the company's executive vice president said on Thursday.

UAC representatives had said the company was ready to launch an IPO in 2010, if market conditions were favorable.

The UAC was established in November 2006 to help overcome the crisis in Russia's aircraft industry, and incorporates commercial and military aircraft makers including Ilyushin, Tupolev, Sukhoi, Antonov and Mikoyan, as well as companies involved in distribution, including Aviaexport.

UAC Executive Vice President Valery Bezverkhy also said the company could see its sales increase 20% in 2008 from a year ago to $5 billion.

"The goal is to achieve sales of $15 billion by 2015," the executive said.

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