Siemens Forms New Joint Venture In Russia
Siemens launched a new joint venture in Russia called Siemens Gas Turbine Technologies. Siemens has a 65% stake in the joint venture with its Russian partner, Power Machines, holding the remaining shares. The joint venture plans to build a new production facility in Russia.
“We intend to invest approximately €275 million in our gas turbine site in St. Petersburg and consequently will create 500 jobs in the region,” said Michael Suess, member of the Managing Board of Siemens AG and CEO of Siemens Energy. “Starting in 2014, advanced, high-efficiency gas turbines are to be produced there for the growth market in the Commonwealth of Independent States (CIS).”
The site will also feature research and development activities in addition to production, service, and sales and marketing, Siemens said. This commitment is part of the plans announced by Siemens to invest €1 billion in Russia and thus create a total of 4000 jobs.
The joint venture can start immediately. Siemens has already been working with Power Machines in Russia with for more than 20 years. The scope of this cooperation extended from the manufacturing and marketing of products for the construction of new power plants to the maintenance and modernization of these plants.
For more information: www.siemens.com