ZAP Elected the Chairman

ZAP Elected the Chairman A.Bogunosov was appointed the chairman of Aviation Bearings Plant (ZAP) to replace D.Shurupov, the company informed.Besides, at the special meeting the holders are recommended to approved the transfer of the executive powers to EBC Managing Company. Aviation Bearings Plant was set up on the basis of former GPZ-4 and entered EPK in 2005. It is a leading maker of special bearings in Russia. The 9-month revenues reached 1.2bn rub.; net profit - 394mln rub.. European Bearing Corp. covers Moscow Bearing, Moscow Aviation Bearing Plant, Stepnogorsky Bearing Plant (Kazakhstan), Volzhsky Bearing Plant, Aviation Bearings Plant (Samara), scientific center of EBC, EBC Trade House, EBC Managing Company. Corporation covers 37% of the native bearing market and a monopolist in this sector. The major holder (79%) is Orionbay Trading Corp., 19% being held by Parkwood United Corp.