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Russia´s Sistema Sells Engine Business for $190 Mln
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Russian services conglomerate Sistema has sold its engine business for $190 million as part of its strategy to focus on services sector, the firm said on Monday.
Sistema, controlled by billionaire Vladimir Yevtushenkov, said in a statement its subsidiary, RTI Systems, had completed the sale of Sahles, which owns 71.63 percent of Perm Motors Plant, to Saturn, a unit of state-controlled holding Oboronprom.
Sahles also owns controlling stakes in other entities which make up the Perm Motors Group (PMG). PMG comprises 18 companies specialising in military and civil aviation engine construction.
"According to the strategy approved by our board of directors, we are currently focusing on fast growing service sectors of the economy," Sistema´s Chief Executive Officer Alexander Goncharuk said.
"Sistema had considered its engine business as promising, but it was a non-core investment," he said.
Sistema´s key asset is Russia´s largest mobile phone operator, Mobile TeleSystems (MTS). Its public units also include fixed-line operators Comstar and MGTS MGTS.RTS, real estate developer Sistema-Hals and high-tech firm Sitronics.
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