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Joint Venture For Siemens, Power Machines OJSC

Posted on August 1, 2011

Siemens AG and Russia’s Power Machines OJSC will develop, manufacture and service gas turbines through a new joint venture. The joint venture will be launched within the coming months after the necessary approvals by all related authorities have been received.

The pair’s venture, which will be established in St. Petersburg, Russia, will consist of a gas turbine research and development engineering center and industrial facilities designed to produce and service gas turbines. Siemens will hold 65% of the shares, with Power Machines taking 35%.

Power Machines will continue to deliver components, such as steam turbines and turbo-generators, said Igor Kostin, general director of Power Machines OJSC.

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