SVERDLOVSK REGION, West Siberia, May 19 (RIA Novosti) - Vsmpo-Avisma (RTS: VSMO), the world's largest titanium producer, is on course to hold an IPO as planned in 2007, the company's head said Friday.
"The IPO plan is on course," Vladislav Tetyukhin said.
He said shares would be floated in Russia, London and New York, but declined to specify the size of the block slated for the IPO.
Tetyukhin also said Rosoboronexport, the country's state-owned arms exporter, approved of the IPO plan.
"Our future new shareholder knows about these plans and supports them," he said.
Rosoboronexport CEO Sergei Chemezov said in mid-March that the company planned to buy a blocking stake in Vsmpo-Avisma from its current owners.
Vsmpo-Avisma was established in July 2005, when Avisma (Special Aviation Materials, a Soviet-era enterprise) merged with Vsmpo (Verkhnaya Salda Metallurgical Production Association).
The corporation controls a third of the world's titanium market. Its main partners are U.S. and European aircraft giants Boeing and Airbus, who account for 30% of its earnings.