Irkut corporation and Yakovlev design bureau to merge

The Russian scientific and industrial corporation Irkut and the Yakovlev design bureau have announced their intention to merge and become a holding company. The announcement was made within the air show MAKS-2003 currently taking place in the Moscow region.

This decision is based on the implementation of joint projects including the construction of short- and medium-haul airplanes and unmanned aircraft. According to Irkut's President Alexey Fyodorov, the merger will be completed by the middle of 2004. The evaluation of assets of the two companies is underway.