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Siemens, Power Machines OJSC plan to set up gas turbine JV in Russia

04 Aug 2011

Siemens Energy and Russian company Power Machines OJSC are planning to set up a gas turbine joint venture (JV) in Russia.

The new company will perform engineering, manufacturing and servicing of gas turbines in Russia and the other countries within the Commonwealth of Independent States.

Siemens will hold a 65% stake in the gas turbine JV, with Power Machines holding the remaining stake.

Power Machines will deliver components to the new JV, in particular, steam turbines and turbo-generators.

Siemens said it will give up its 25% stake plus one share in Power Machines and hand it over to the majority shareholder, Highstat.