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Siemens plans gas turbine business with Russian partners
Aug 1, 2011, 13:00 GMT
Munich - Europe's biggest engineering group Siemens said Monday it plans to enter into a joint venture with Russia's Power Machines OJSC to build gas turbines.
The joint venture, which is to be based in Russian city of St. Petersburg, is due to begin operations in the coming months, Siemens said in a statement.
Under the deal, Munich-based Siemens will hold a 65-per-cent stake in the new joint venture. In exchange, Siemens will hand over its current holding in Power Machines of 25 per cent plus one share to the Russian group's majority stakeholder Highstat Ltd.
'The new joint venture will enable us to better serve the growing market for gas turbines, gas power plants and combined cycle power plants in the Commonwealth of Independent States,' said Michael Suess, head of Siemens' energy business.
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