Siemens and Power Machines plan gas turbine joint venture in Russia

Siemens will be teaming up with the Russian company Power Machines OJSC within the next few months to set up a gas turbine joint venture, in which Siemens will hold a 65-percent stake and Power Machines the remaining shares. The joint venture headquartered in St. Petersburg is intended to perform engineering, manufacturing and servicing of gas turbines in Russia and the other countries within the Commonwealth of Independent States (CIS). The new company is scheduled to start operations as soon as the official permits have been issued.

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