USC returned the Kingisepp Machine-building Plant to its former owners

The United Shipbuilding Corporation (USC) is withdrawing from the Kingisepp Machine-Building Plant and transferring the enterprise to its former owners after the completion of the first stage of the project to develop a domestic low-speed engine. This was announced on January 14 by Sergey Bondarenko, Deputy head of USC for Development and Operational Efficiency.

According to him, at the initial stage of the project, the corporation attracted the Kingisepp Machine-Building Plant as an industrial partner. Together, the parties have fully completed the work on pre-project preparation.

"The successful completion of the first stage of the project to create a domestic low-speed engine allows USC to complete cooperation with KMZ in this direction. In this regard, the corporation is withdrawing from KMZ's capital and returning it to its former owners," Bondarenko said.

The news is being updated