Boeing pays $1bn for Russian titanium

The world's leading titanium producer, VSMPO-Avisma, has signed a $US 1 billion contract to supply aircraft maker Boeing with titanium supplies for the next five years.

It deal cements a relationship which has seen the Russian company work with Boeing for more than a decade.

The contract is the first signed since VSMPO-Avisma became part of the new State Corporation called “Russian Technologies”.

Sergey Kravchenko, the president of Boeing-Russia, says the company is expecting that the long standing relationship will continue.

“It is really a big contract, part of a $ 18 billion titanium procurement programme that Boeing has in Russia. And this procurement of titanium parts and semi-products is part of a $ 27 billion business plan Boeing has for the coming decades in Russia,” Kravchenko said.

He also said Boeing was interested in more than just titanium.

“It does include not only titanium but also procurement of engineering, technological, IT services and space projects,” Kravchenko said.