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. Last Updated: 07/27/2016

Italians Buy 25% of Plane Project

Finmeccanica, Italy's largest defense manufacturer, agreed to buy a stake in a Russian venture to develop a new family of mid-range passenger jets, the Kremlin said Tuesday.

Finmeccanica's Alenia unit will buy 25 percent plus one share of Sukhoi Civil Aircraft, the state-run company overseeing the project.

The Italian company agreed to finance one-quarter of the cost of the Russian Regional Jet and help market and service the jets abroad, a Kremlin statement said, without saying how much the deal was worth.

The RRJ is at the core of President Vladimir Putin's plan to revitalize an industry decimated by the Soviet collapse. The government is spending more than $300 million on the project.