That's quite possible. A lot of soviet industries were big and influential as long as they were state owned (and state-funded). Once sold, they often failed when they had to compete with other entities on national and international markets.
I certainly doesn't help that privatization was notoriously prone to corruption and mismanagement. Some enterprises were sold for far less than they were worth to foreign buyers, who found it more profitable to just loot anything valuable and leave entire factories to rot, rather than keep them active.