Shares of "Progress" and "Magnetron" are transferred to Rostec State Corporation

UFA, 12 January 2016. /Bashinform News Agency, Olesya Seregina/. The government has transferred to Rostec the shares of joint stock companies "Bashkir Production Association "Progress" and "Ufa Microelectronics Plant "Magnetron". It is reported by the press service of the corporation referring to the website of the Government of the Russian Federation.

Total, the list includes 19 joint stock companies, the shares of which are in federal property and transferred to Rostec as a property contribution of the state. The corresponding decree was signed by the Prime Minister of the Russian Federation Dmitry Medvedev.

All 19 organizations fulfill the government defense order for a number of key critical technologies. Control over defense order execution is assigned to Rostec. The main programs of these organizations development, including the budget, are also formed in accordance with the regulations of the state corporation.

JSC "Ufa Microelectronics Plant "Magnetron" is formed by the reorganization of FSUE "Magnetron" in 2012. It develops and manufactures communications equipment for special and civil purposes, consumer goods.

JSC "Bashkir Production Association "Progress" was founded on March 17, 1942 based on the shop for production of long-distance communication equipment of the Leningrad Plant "Krasnaya Zarya". The company specializes in production of modern communications equipment.

Rostec is the Russian state-owned corporation established in 2007 to promote development, production and export of high-tech industrial products for civil and military purposes. Rostec companies are located in the territory of 60 subjects of the Russian Federation and supply products to the markets of over 70 countries. Rostec revenues in 2014 amounted to 964.5 billion rubles. The total amount of tax deductions was 147.8 billion rubles.