Ukraine's Antonov aircraft manufacturer transformed into joint stock society, trade unions disgruntled

MOSCOW. April 12 (Interfax) - The Ukrainian state aircraft manufacturing company Antonov has been transformed into a joint stock society, which will continue to be part of the Ukrainian Defense Industry joint stock society's structure, Ukrainian media reported with reference to the company's social media post.

"Antonov is officially assuming new status today, on April 12, 2024. The new full name is the Antonov Joint Stock Society, and the abbreviated one is JSC Antonov. The changes will have no effect on the form of its state ownership, as 100% of JSC Antonov's shares are owned by the state," it said.

The company's corporatization opens up new opportunities for developing its corporate management, introducing new technology, ensuring a more flexible and efficient approach to all working processes and resource management, and may help attract extra financial resources for its modernization and development, it said.

"This transformation would enable us to respond more flexibly to changes in market conditions and our partners' needs," the statement quoted Antonov CEO Yevgeny Gavrilov as saying.

The company will also continue its operations bearing in mind its social responsibility, Gavrilov said.

At the same time, head of the Slavutich trade union at Antonov said on social media that the decision on the company's corporatization had not been agreed upon with the trade unions in violation of the collective contract's clause regarding the procedure for amending the company's organizational and legal structure, media said.