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. Last Updated: 07/27/2016

Perm Motors Revamp

PERM, Ural Mountains -- On a visit to Perm, Deputy Prime Minister and Economics Minister Yakov Urinson has signed a restructuring protocol for the city's biggest employer, aircraft engine maker Perm Motors.

Vadim Isachenko, who chairs the board of directors of Perm Motors, said the first stage of the restructuring program had been completed and the second stage will finish in mid-1998.

Stage 2 will establish a new subsidiary called Perm Motors Plant as a joint venture with U.S. firm Pratt & Whitney and Interros of the Uneximbank stable to make jet engines, he said.

The protocol states that the restructuring will go ahead only if Perm Motors is granted grace to honor its tax arrears.