Partnership

Power Machines x Siemens (Gas Turbine JV)

Power Machines and Siemens AG formed a joint venture, Siemens Gas Turbine Technologies LLC, to develop, manufacture, and service large gas turbines in Russia. Power Machines held 35% and Siemens 65%. Following U.S. sanctions on Power Machines in 2018, Power Machines sold its 35% stake back to Siemens by 2020, and Siemens exited Russia entirely in 2022.

joint venture · Dissolved · verified

Track Power Machines x Siemens (Gas Turbine JV)

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Parties (2)

Power Machines co developer
Siemens AG off-registry co developer

Timeline

Announced: 2010-07-01
Start: 2010-07-01

Sources (1)

https://www.reuters.com/article/business/energy/russias-sanctions-hit-power-machines-to-sell-its-stake-in-jv-with-siemens-idUSL8N2AV5ZS/

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