On August 21, representatives of the Boeing Company and the Russian VSMPO-Avisma (the world’s largest titanium producer) announced formation of a joint venture called Ural Boeing Manufacturing (UBM). Gary Baker has been appointed executive general director and manager of UBM.
      
      A memorandum on intentions of a joint venture formation was signed in April 2006. The financial terms of UBM are confidential and not supposed to be uncovered. Representatives of the two companies mark that it is the first ever Russia-America joint aircraft construction venture.
      
      According to a statement of the Boeing Company, "UBM will process titanium forgings for being used on the Boeing 787 Dreamliner”. It is also said that the joint enterprise will be located in the Ural Mountains city of Verkhnaya Salda and will start operating in 2008. It is expected that UBM will make 800 tons of titanium forgings a year.
      
      Sources: www.burocrats.ru www.nk.perm.ru