Power Machines

OJSC Power Machines

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Type	Open Joint Stock Company
Industry	Metal and power engineering
Founded	2000
Headquarters	St. Petersburg, Russia
Key people	Alexandr Rantsev (General Director)
Revenue	₽ 17.70 billion (2007)
Net income	₽ 3.11 billion (2007)
Owner	Alexei Mordashov
Website	www.power-m.ru

Power Machines plant building on Sverdlovskaya embankment in Saint Petersburg

OJSC Power Machines (translit. Siloviye Mashiny abbreviated as Silmash, Russian: ОАО «Силовы́е маши́ны») is a Russian energy systems machine-building company founded in 2000. It is headquartered in Saint Petersburg.

History

The company was created in 2000 by unifying the following enterprises:

• Leningradsky Metallichesky Zavod (1857 establishment),
• Electrosila (1898 establishment),
• Turbine Blades’ Plant (1964 establishment),
• Kaluga Turbine Works (1964 establishment),
• NPO CKTI named after I. I. Polzunov (1927 establishment),
• Energomachexport (1966 establishment)
• Power Machines – Reostat Plant (1960 establishment).

Operations

Power Machines manufactures steam turbines with capacity up to 1,200 MWe, including turbines for nuclear power plants. Its portfolio consists of turbine generators for the Leningrad Nuclear Power Plant II and the Novovoronezh Nuclear Power Plant II. In additiona to Russia, Power Machines has supplied equipment to 57 countries with significant market in Asia.

Shareholders

As of 31 December 2009 69.92% of shares was owned by Highstat Limited, a company controlled by Alexei Mordashov. 25% of shares was owned by Siemens and 5.08% by minor shareholders.

Management

The Board of Directors consists of eight members:

• From Severstal-group - Alexey Mordashov, Alexey Yegorov, Vladimir Lukin
• From Power Machines - Igor Kostin (General Director), Vadim Chechnev
• From Universal Invest - Igor Voskresensky
• From Siemens - Michael Zuss, Hans-Jurgen Vio

Siemens AG has sold a blocking stake in OJSC Power Machines to Highstat Limited for no more than $280 million, below the market price, Kommersant reported, citing an unidentified person familiar with the terms of the transaction. According to the newspaper, the sale happened in December 2011 and as a conclusion, Highstat owns 95.3%.

External links

• (English) Official website of Power Machines