Russia’s President Vladimir Putin has created a massive new state corporation, which in the process will mean the end of Roscosmos, RSC Energia, Krunichev State Research, and the old space agency.

All the entities will be absorbed into a super-holding company, United Rocket & Space Corp. (URSC), and in a plan that will seek to reverse the many launch problems that have affected one aspect or another of Russia’s rocket building and launching businesses over the past few years. It should also reduce waste and save cash, says a TASS agency report.

Heading up the new business is Igor Komraov, the former head of Russia’s largest auto manufacturer AvtoVAZ.

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