Top management of VSMPO-AVISMA offers to extend the moratorium on dividends
15.06.2011 — News
The top management of VSMPO-AVISMA offers to extend the limitation of the amount of payable dividends till 2015. Starting from 2007, the corporation shareholders have been receiving one tenth of the net profit.
Most of the profit is spent on upgrading of the production. According to Mikhail Voevodin, General Director of the corporation, over the four last years, new technologies have been developed and they require investment. In addition, consumers are urging VSMPO-AVISMA to increase production capabilities. In his opinion, the dividend limitation to the current level will be able to strengthen market stability of the corporation. "Certainly, this proposal may not be approved by the Board of Directors, but the top management will try to use persuasive arguments", - noted M. Voevodin.
The corporation press service has informed "RusBusinessNews" that in 2009, VSMPO-AVISMA expenses on modernization totaled about 3 billion rubles, in 2010 - 4.6 billion, in 2011 the company plans to allocate 7.3 billion rubles for upgrading.
The corporation's investment program covers the period till 2015. It assumes that the production of titanium products will increase up to 40-42 thousand tons a year; other plans include the increasing share of the high-value-added products as well as expansion of tooling of stamped titanium parts.
In 2010, VSMPO-AVISMA implemented investment projects for the smelter and rolling-mill shops, commissioned a forging complex with the capacity of 6 thousand tons. Last year, the corporation completed construction of the Kosmos power substation, commissioned a plant for liquid chlorine evaporation, completed construction and launched equipment at the new site of heat treatment operations.
The major projects of the corporation in 2011-2012 include installation of two skull furnaces and completion of the construction of the machine tooling shop. At present, VSMPO-AVISMA has 23 state-of-the-art and highly efficient machine tools for tooling of stamped parts; however, their number is still insufficient and unable to meet the needs of the growing market.
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