New missile-space corporation to appear in Russia

Preliminary work has been completed to create in Russia a State Missile-Space Corporation (GRKK) named after academician Mikhail Reshetnev.

This information was provided on Thursday by the press service of the research-production association of applied mechanics (NPO PM) also named after academician Mikhail Reshetnev. The association is located in the town of Zheleznogorsk, Krasnoyarsk Territory.

The new integrated structure which is called "Information Satellite Systems" will be created on the basis of the NPO PM. Its project was approved by a special commission headed by minister of industry, science and technologies Ilya Klebanov who is supervising the implementation of the federal targeted programme "Upgrading and Development of the Defence-Industrial Complex (2002-2006)." Six well-known Russian enterprises, who have been NPO PM's partners for many years, expressed their desire to become members of a new corporation, where about 11,000 people will work.

All enterprises that have become members of the new structure are expected to be privatized in 2004.