Prague — The Russian owners of the Czech aircraft manufacturer Aircraft Industries are parting ways with the company, as the sanctions imposed on Russia dramatically cut its business.
The new owner of Aircraft Industries will be the arms dealer Omnipol, based in Prague, the companies announced on Wednesday.
The aircraft manufacturer produces the twin-engine short-haul Let L-410 aircraft, of which around 1,200 have been produced over the past 50 years.
Due to the sanctions imposed on Russia over the Ukraine war, the company had found itself in an "existentially dangerous situation," according to a statement.
Russia was the largest customer for the aircraft from the Czech Republic.
As the new owner, Omnipol wants to find new customers in other countries and expects to sign supply contracts in the coming months, it said.
The multi-function aircraft can carry 19 passengers, or cargo. It is known to be able to operate even in extreme weather, for example in Siberia. Some countries also use it for military purposes.
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