Russia Buys Into World's Largest Titanium Producer

Sergei Chemezov (right), the head of Rosoboronexport (file photo) (ITAR-TASS) September 12, 2006 -- The state-owned Russian arms exporter Rosoboronexport has bought a 41 percent stake in the world's largest titanium producer, VSMPO-Avisma.

The deal was announced by a bank, Renaissance Capital, that helped broker the deal.

VSMPO-Avisma, a Russian company, is a key supplier to Boeing and Airbus, the world's largest manufacturers of civil aircraft.

The sale is seen as a further step in the government's drive to increase state control over strategic industries.

(ITAR-TASS, AFP)