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Business news
Siemens buys Nevsky Zavod
03.09.2004 12:10

Siemens buys Nevsky Zavod Deman Delaval International GmbH, a subsidiary of Siemens, acquired a 28 percent stake in St.Petersburg's Nevsky Zavod. Yevgeny Smirnov, Nevsky Zavod's chairman of the board, the German company purchased a 14.6 percent share from Mabelec and a 13.4 percent share from Alstom, both French companies.

Smirnov said the sale by Alstom was no surprise. In 2003 Alstom sold its gas turbine business to Siemens. "We have great expectations from the new shareholder since our activities are similar," Smirnov said.

Nevsky Zavod is a major producer of power generators on the Russian market, including gas turbines with capacity of up to 16MWt, steam turbines, compressors and injectors.

News source: www.sptimes.ru
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