Importance The article shows that many world aerospace corporations use conglomerate mergers and acquisitions (M&A) to increase their financial stability. In this case, civil divisions of the corporations may be both high and low technological, but they should be highly profitable. The objects of the research are the largest aerospace companies of the USA, Japan and the Peoples Republic of China. All these companies undergo continuous restructuring. Through the M&A procedure, they create and abolish certain divisions to maintain competitiveness in the global markets. In Russia this experience is only at the stage of gaining momentum, but already created conglomerate companies exhibit higher growth in comparison with horizontally integrated companies. Objectives The aim of the study is to determine economic efficiency of Russian aerospace corporations' operations. Methods I performed the comparative analysis of the activity of the aerospace industry world leaders. It shows that these corporations actively use conglomerate mergers to increase their stability and improve economic parameters. Results The analysis demonstrates that in Russian conditions, it is necessary to more widely involve highly profitable businesses (petrochemistry, trade, finance, construction) in conglomeratic aerospace corporations. Conclusions and Relevance In conditions of the Russian aerospace complex restructuring, it is necessary to more widely involve highly profitable civil businesses in these corporations. This will allow increasing the corporations' contribution to R&D and to weaken pressure on the State budget. It is particularly relevant in modern conditions of budget revenue decrease from low oil prices and international sanctions. The national horizontally integrated corporations, having one or two new products and the limited sales market, can further increase their income at the expense of import substitution of equipment for oil-and-gas and power industries or software manufacturing.
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