Siemens and the Russian businessman Alexey Mordashov have concluded an agreement on long-term strategic partnership for the modernization and further development of Power Machines. Both partners have also agreed on the principles relating to the management of Power Machines.
Alexey Mordashov, through Highstat Limited, has acquired roughly a 30 percent stake in Power Machines, which was previously in the possession of Interros. In addition to RAO UES and Siemens, each holding a stake of 25 percent plus one share in Power Machines, Alexey Mordashov thus becomes a further strategic investor in Power Machines.
Together Siemens and Alexey Mordashov’s company control nearly 55 percent of Power Machine’s shares. It was agreed, that Siemens as a company with major technological experience will be in charge of the appointment of Chief Operating Officer and Alexey Mordashov as a major shareholder will be responsible for the appointment of Chief Executive Officer.
“Through this strategic partnership Siemens and Mr. Mordashov will make an important contribution toward the expansion of Russian-German cooperation in the high tech sector,” said Rudi Lamprecht, Member of the Corporate Executive Committee of Siemens AG. “Implementation of the agreements reached will be a vital contribution toward targeted further development of Power Machines as a leading company in the construction of power machinery equipment in Russia.” As a result of the agreement Power Machines will not only gain access to state-of-the-art technology and advanced business and management processes. Siemens will also provide experienced managers and experts for the further development of Power Machines.
“The partnership will ensure that Power Machines ambitious investment projects can be rapidly implemented,” said Alexey Mordashov. “Combining our experience in the management of Russian assets with technological strength of Siemens will empower Power Machines to gain and develop the most important competencies in power machinery construction and ensure the company’s strong competitiveness not only in the Russian market but also in the most important international markets outside Russia. I believe in Power Machines and our partnership will mark a new milestone in the development of this company.”-Siemens
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