Siemens establishes joint venture with Russian electrical company in Moscow to develop business with joint high-voltage switchgear projects
Erlangen, Germany, June 14, 2007
In the middle of June 2007, Siemens Power Transmission and Distribution (PTD) has set up a joint venture with Elektrozavod, one of the leading electrical engineering companies in Russia. Elektrozavod is the largest manufacturer of transformers in Russia. Siemens and Elektrozavod will own 51 percent and 49 percent respectively of the joint company Siemens Elektrozavod Hochspannungsengineering GmbH, which will be headquartered in Moscow. The goal is to improve the market position of both partners and to further develop business for engineering and implementing high-voltage switchgear projects in Russia.
The jointly owned company will give preference to products and systems from the two partners for integration in its future projects, such as high-voltage switchgear from Siemens and transformers from Elektrozavod. It plans to start up commercial operations in the coming fiscal year which begins on October 1, 2007.
“Working with our partner, who is very well established on the Russian market, will enable us to further develop our business with gas-insulated high-voltage switchgear as well as with outdoor switching stations on the Russian market,” said Dr. Christian Urbanke, member of the Group Executive Management at Siemens Power Transmission and Distribution (PTD).
The joint venture projects will be handled from Moscow, the headquarters of the company. In the early stages the main emphasis will be on projects for the replacement of air-insulated high-voltage switchgear with space-saving, gas-insulated switchgear in the main urban agglomerations. Later, as the expansion of the Russian power supply network progresses, the joint venture will also include the planning of new transformer substations and the modernization of existing substations away from these main centers. This will comprise both gas-insulated and air-insulated high-voltage switchgear technology.
“We will be able to demonstrate our strength as one of the leading electrical engineering companies in Russia even more effectively than before in this joint venture with Siemens by integrating its expertise and its high-voltage switchgear technology,” stated Elektrozavod CEO Leonid Makarevitsch.
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 about 27,500 and operations in more than 100 countries, PTD had sales of 6.5 billion euros according to U.S. GAAP in fiscal 2006. Further information at www.siemens.com/ptd.
Reference Number: PTD H 200706.456 e