IAR splits before privatisation

Helicopter maker IAR Brasov will split into three distinct entities, to pave the way for the privatisation of at least one part of the actual company. The split is stipulated in the company’s restructuring programme, according to which IAR will only get to keep its core activities. IAR is listed on the RASDAQ market, where the stock price has doubled in the past year, due to the positive results recorded in 2003. The helicopter maker is 70% held by the Romanian State, with investment fund Broadhurst, the main minority shareholder, holding a 5% stake in the company. ZF