The company "Siemens AG" and OJSC "Power Machines" signed an agreement to establish a joint venture in Russia for the production and service of large gas turbines. The document was signed on 28 July 2011. Document was signed by Michael Suess, CEO of the Energy "Siemens AG" and Igor Kostin, General Director of OJSC "Power Machines". Launch of a joint venture is planned in the next few months after the receipt of all necessary approvals from the relevant authorities.
Under the agreement, a joint venture plans to create in St. Petersburg joint venture of world-class manufacturing and service of gas turbines, consisting of a gas turbine engineering center and manufacturing facility, with the following relative proportions: 65% — "Siemens AG", 35% — "Power machine ".
In parallel with the signing of an agreement on the establishment of the joint venture agreement was signed for the sale of shares by the German concern (25% + 1) "Power Machines" in the ownership of the company Highstat Ltd, which is the ultimate beneficiary of Alexei Mordashov. The transaction will be completed after obtaining approval of the Federal Antimonopoly Service.
Creation of joint venture — a new qualitative stage of the strategic partnership between the "Power Machines" and "Siemens". It will use the latest design developments and technologies, "Siemens’ extensive manufacturing capabilities and" Power Machines ".
"Having formed a new joint venture, we will serve the growing market for gas turbines, gas power plants and combined cycle power plants in the CIS countries — said Michael Suess, director of the Energy" Siemens AG "on the occasion of the signing of the agreements. — We invest in Russia to create capacity for the most modern power plants. We intend to contribute to the modernization of the energy industry in the region, and at the same time strengthen our position as a market leader. For us it is very important to conduct its activities in Russia and as a local player. "
"The signing of the agreement — a new stage of strategic partnership between the two companies" Siemens "and" Power Machines "and the next step in the development of the domestic power. In the medium term, growth is projected backlog of OJSC "Power Machines". This will be possible due to the increase in the supply of other equipment produced by the joint venture, which is part of combined cycle — steam turbines and turbo-generators, "- said General Director of OJSC" Power Machines "Igor Kostin.