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Siemens establishes second joint venture with Elektrozavod
Time:2008-1-2 5:34:32
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Siemens establishes second joint venture with Elektrozavod ¨C joint production and marketing of high-voltage switching products in Russia
Erlangen, Dec 4, 2007
At the end of November 2007, Siemens Power Transmission and Distribution (PTD) set up a second joint venture with Elektrozavod, one of the leading Russian electrical engineering companies. Siemens holds a 51 percent share in the new jointly owned company ¡°Siemens High Voltage Products GmbH.¡± The company is headquartered in Ufa, the capital of the Russian Republic of Bashkortostan on the edge of the Urals and one of Elektrozavod¡¯s three production locations. The goal is the joint production and marketing of high-voltage switching products like circuit-breakers, disconnectors and compact switching modules, such as the Siemens Dead-Tank Compact. This is aimed at improving the market position of both partners in Russia and further expanding business there. Elektrozavod and Siemens founded their first joint venture in June 2007 to handle joint high-voltage switchgear projects.
Siemens will contribute its product and production expertise and its portfolio of high-voltage circuit-breakers, disconnectors and switching modules to the new joint company. Elektrozavod, which is a system builder and the largest manufacturer of transformers in Russia, will provide its market experience and a well developed sales network in the country. As a result of the joint venture Elektrozavod will also expand its product portfolio, which consists essentially of transformers, reactance coils and the necessary switching equipment. The joint venture will start work at the beginning of 2008.
¡°Working jointly with our partner, who is very well established on the Russian market, we¡¯ll be able to further increase our business in Russia with high-voltage products,¡± stated Dr. Christian Urbanke, member of the Group Executive Management at Siemens Power Transmission and Distribution (PTD). Elektrozavod¡¯s CEO Leonid Makarevitsch commented: ¡°We will be able to demonstrate our strength as a system builder and as one of the leading electrical engineering companies in Russia even more effectively than before in this joint venture with Siemens thanks to its expertise and its high-voltage switch products.¡±
The Siemens Power Transmission and Distribution Group (PTD), headquartered in Erlangen, Germany, is one of the leading global players in its market sector. As a product supplier, system integrator, solution designer and service provider, Siemens PTD ensures - for utilities and industry alike - the efficient and reliable transmission of electrical energy from the power plant to the consumer. With a worldwide workforce of more than 31,000 and operations in about 90 countries, PTD had sales of
7.7 billion euros according to IFRS in fiscal 2007
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