Siemens forms JV with Russia's Uralmash
Siemens AG said on Friday it had formed a joint venture with Uralmash for plant building in the metals and mining industry in the Russian market.
By Agencies |
FRANKFURT: Siemens AG said on Friday it had formed a joint venture with Uralmash for plant building in the metals and mining industry in the Russian market.
Siemens will own 50% of the joint venture plus one share and Uralmash the rest, Siemens said in a statement.
Financial terms of the deal were not disclosed. “Siemens intends to increase its business in Russia and to use the JV as engineering resource for its global engineering network in global markets,” chief executive of Siemens VAI Metals Technologies Richard Pfeiffer said.
Siemens will own 50% of the joint venture plus one share and Uralmash the rest, Siemens said in a statement.
Financial terms of the deal were not disclosed. “Siemens intends to increase its business in Russia and to use the JV as engineering resource for its global engineering network in global markets,” chief executive of Siemens VAI Metals Technologies Richard Pfeiffer said.
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