Kalashnikov to buy Precision Systems and Technologies Enterprise Tass 51204164

Defence & Security News - Kalashnikov
 
Kalashnikov to buy Precision Systems and Technologies Enterprise
Russia’s Kalashnikov Corporation, the producer of the famous Kalashnikov automatic rifle, has agreed on purchasing the Precision Systems and Technologies Enterprise that manufactures missiles and air defense missile system elements, the Corporation’s press office said on Monday, April 11.
     
Kalashnikov to buy Precision Systems and Technologies Enterprise 640 001
     
"The Kalashnikov Corporation, part of Russia’s state hi-tech corporation Rostec, has agreed on purchasing the Precision Systems and Technologies Enterprise, the developer and manufacturer of armaments and military hardware, including small-range missiles and onboard and ground-based air defense missile systems," the press office said.

"The decision to purchase a stake in the Precision Systems and Technologies Enterprise aims to extend the range of the corporation’s products under the 2020 development strategy and set up a multi-sectoral defense group specializing in developing and manufacturing integrated weapon systems," the press office quoted Corporation CEO Alexei Krivoruchko as saying.

The press office did not specify which stake the Corporation would purchase and when the deal would be signed.

"The deal will be closed after the regulators’ approval is received," the press office said. The Precision Systems and Technologies Enterprise was set up in 2006. The enterprise develops, produces and repairs military hardware and equipment, as well as disposes of Russian-made military products.
     
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