Ukrainian Defence Industry reorganises 5 more companies

Ukrainian Defence Industry JSC (also known as Ukroboronprom, a strategic manufacturer of weapons and military hardware in Ukraine) reorganised five more companies in February.

Source: press service of the Ukrainian Defence Industry

Details: "In February of this year, five more companies of Ukrainian Defence Industry were transformed into limited liability companies," the statement said.

The company stressed that the appointment of the Supervisory Board of Ukroboronprom and its first decisions gave a new impetus to the reform of the public sector of the defence industry. 

In total, 33 Ukroboronprom companies have already been reorganised in such a manner.

The transformation of the companies is being carried out in line with the decision taken at the second meeting of the Company's Supervisory Board.

"The transformation of the defence industry continues. We have to become a modern arms company built according to the best international corporate governance standards," said Ukroboronprom CEO Herman Smetanin.

The company added that the reform of the public sector of the defence industry paves the way for the large-scale modernisation and technological advancement of the Ukrainian defence industry as a whole, and makes the industry a driver of the development of the entire national economy.

Background:

The Supervisory Board of the Ukrainian Defence Industry decided to reform 10 more state-owned defence companies to operate more like private businesses as part of the defence industry reform.

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