Vsmpo-Avisma titanium giant aims to double revenue by 2010

VERKHNYAYA SALDA, Sverdlovsk Region, May 19 (RIA Novosti) - Vsmpo-Avisma (RTS ticker: VSMO), the world's largest titanium producer, plans to more than double revenue by 2010, from the 2005 level of $746 million to $1.7 billion, the company head said Friday.

Vladislav Tetyukhin said net profits in 2010 would remain at 15% of company revenue. The company posted net profits of 3.174 bln rubles ($117.6 mln at the current exchange rate) in 2005.

Tetyukhin said $650 mln would be invested in production over the next four years.

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.

The director general said earlier Friday that the company is on course to hold an IPO as planned in 2007.