The integration of the Zelenograd-based chip manufacturer Angstrom into the United Microelectronic Company (UMC), owned by Sberbank, is planned to begin in 2028 and conclude by the end of 2029. The process involves transferring liquid production assets to a new entity, while leaving the existing company's debt to VEB.RF, which reached 238.1 ₽ billion as of June 30, 2026, on the old balance sheet.
Angstrom has been under external management since September 2025 for an 18-month term. In February 2026, an arbitration court approved a financial recovery plan that includes closing unprofitable production lines and selling non-core assets. For the first six months of 2026, the company reported revenue of 1.28 ₽ billion and a net loss of 112.5 ₽ million.
Creditors are set to review an asset replacement mechanism in early December. This strategy aims to create a new joint-stock company comprising operational facilities, such as crystal production and lithography lines. Once established, the new entity's shares will be auctioned, allowing VEB.RF to potentially transfer them to UMC, which has allocated 161 ₽ billion for 2028 and 196 ₽ billion for 2029 for various projects.
Experts estimate that the integration could cost UMC between 20 ₽ billion and 50 ₽ billion under a minimal scenario. The market value of Angstrom's property is estimated at approximately 9 ₽ billion. The primary challenge remains ensuring the continuity of state orders during the transition to prevent the degradation of technical equipment and infrastructure.