During the St Petersburg International Economic Forum 2016, Monocrystal Inc of Stavropol, Russia (which manufactures large-diameter sapphire substrates and cores for LEDs, optical products and RFIC applications) has signed a memorandum of cooperation with the Russian state corporation Bank for Development and Foreign Economic Affairs VEB (Vnesheconombank) involving investment in the significant expansion of Monocrystal's production capacity.
"It was extremely challenging to become a global leader in such a highly competitive industry as sapphire components for electronics," says Monocrystal's CEO Oleg Kachalov. "Our cooperation with VEB and other state business support programs will contribute to our success on global markets and help us enlarge market share," he believes.
During the Development Award Ceremony held by VEB during the St Petersburg International Economic Forum, Monocrystal was honored as 'The Best Export Project'. For the past 10 years, the firm has invested more than $220m in production capacity and technology development.
