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October 15th, 2008
The State Nanotechnology Corporation, engine builder Saturn and Gazprombank signed a contract Wednesday to create a joint venture that will build equipment for the aviation and engineering industries.
The agreement, worth an estimated 1 billion rubles ($38.3 million), is the first deal for the nanotechnology corporation since President Dmitry Medvedev asked former UES chief Anatoly Chubais to head the company, also known as Rosnano, last month.
"This project will be highly effective financially," Rosnano managing director Sergei Polikarpov said in a statement. "The creation of a metal-cutting tool with a nanostructure covering marks a significant contribution to the competitiveness of Russian engine building."
The special coating will allow the tools to be used up to a dozen times, while going through more than double the amount of metal they are normally able to cut, the statement said.
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