YEREVAN (Noyan Tapan)–The "Armenmotor" joint stock company is expected to make a twofold increase in its production volumes in the second half of 1998 against the first six months of this year–enterprise manager Karlos Petrossian told Noyan Tapan. At present–"Armenmotor" produces about 27 types of products–including asynchronous engines–mills–and heaters. Raw materials used in the production of these and other goods are imported from the CIS.
According to Petrossian–"Armenmotor" is planning to expand its production using its internal resources as well as utilizing reserves through bartering them for materials needed for current production. He also said that the Ministry of Industry and Trade had promised to help the enterprise repay its debts to the Pension Fund and the federal budget.
According to the enterprise’s assistant manager Robert Megroyan–"Armenmotor’s" customers are partners from former Soviet republics and 25 percent of the enterprise’s products are sold on the local market.
Twenty percent of "Armenmotor’s" shares are owned by the staff–and 80 percent by the government. The enterprise employs 510 people–their average wage being 11,500 drams. Megroyan hoped to create an additional 50 jobs by the end of this year.