# Power Machines x Siemens (Gas Turbine JV): partnership

Canonical ID: `cdbd9f0b-7df9-467c-b31a-2774f5a8c87d`

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.

- **Type:** joint venture
- **Status:** dissolved
- **Verification posture:** verified

## Parties (2)

- [Power Machines](https://registry.deploy.report/companies/power-machines.md) co developer
- Siemens AG _(off-registry)_ co developer

## Timeline

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

## Sources (1)

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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