July 16. Rostekhnologii and Boeing will set up a JV on the basis of VSMPO Avisma by the end of the year to produce titanium products, Rostekhnologii General Director Sergey Chemezov told journalists at Farnborough Air Show 2008. "By the end of the year we will launch a joint venture on the basis of VSMPO-Avisma. Processed and finished goods rather than earlier manufactured semi-finished products will be produced there", said Chemezov. According to him, this production is extremely profitable for the Russian party, since the price for finished products is much higher than that of semi-finished goods. "In addition, we will keep the entire amount of chips and process them. Earlier they went to Japan and other countries", said Chemezov.