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Company "Zavod Magneton" has created advanced research and development facilities on the base of two manufacturing workshops The main object of such step is development, engineering and producing soft magnetic and microwave ferrite materials. Anatoly Firsenkov, the General Director of JSC "Zavod Magneton", announced about it to shareholders on the annual general meeting that took place on the 7th of June. In their turn shareholders voted for changes being included into company’s Charter that allow factory as produce as develop new products. "The goals of conducting such structural modification are to improve production efficiency and to give prior development to science intensive microwave, nickel-zinc and manganese-zinc ferrite materials with only purpose to provide their competitiveness on global market",- the General Director said. Stake on Europe markets Company total product and services sales revenue increased 2,5 times in 1999 in comparison with previous year and comprised 33 million roubles. However, as it was mentioned on the meeting, company could not increase sales volume in currency equivalent. Magneton every subdivision produces goods for export. Total export sales share is 25,8% in 1999. A subsidiary company Ferritex is conducting marketing and promoting Magneton products on overseas markets. Near-term outlook is to develop cooperation with Scandinavian and West European companies. Military product sales share increased from 9,5% to 17,8% in one year. "Orders for defense industry are supposed to be enlarged, and we must be ready for that in every aspect", - Anatoly Firsenkov assured shareholders. Factory is a supplier of component parts widely used in producing phased antenna arrays for anti-aircraft complexes S-300 and TOR as well as phased antenna arrays for radar systems of aircraft MIG and SU. Magneton ferrite parts are applied in communication system, air and space control system production. Profit - into development Company "Zavod Magneton" is not paying dividends by results of year 1999. It was decided to direct the profit to employee relief fund (43’000 roubles) and to accumulation fund (9,6 mln roubles). Board of Directors elected for year 2000 does not change in comparison with previous year. The following persons form the Board: four Magneton Managers; Nikolay Pevzov, the General Director of OAO "Saint Petersburg Domestic and International Phone Service"; Dmitry Mizgulin, the Executive Director of OAO "Incasbank; and Alexander Semchenkov, the Chairman of Council of the League of Reserve Officers. |
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Ferritex LLC, St.-Petersburg,
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