PRESS: Power Machines to sell stake in turbine JV to Siemens

MOSCOW, Mar 2 (PRIME) -- Russian power engineering company Power Machines will sell its 35% stake in Siemens Gas Turbine Technologies, a joint venture with Germany’s Siemens, to Siemens, Kommersant business daily reported Monday citing sources.

“Talks started in mid-January. According to conditions of creation of the joint venture, Power Machines has an option to sell its stake to Siemens once in three years. The window lasts three months, the current one opened on December 2, 2019 and closed on March 1,” the daily said.

Siemens currently holds the remaining 65% in the joint venture.

A source close to Power Machines has estimated the company’s stake in the joint venture at U.S. $5–6 million.

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