Revenue ₽ 17.70 billion (2007) Founded 2000 | Net income ₽ 3.11 billion (2007) Headquarters Moscow, Russia Parent organization Highstat Limited | |
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Industry Metal and power engineering Key people Alexandr Rantsev (General Director) Profiles | ||
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.
Contents
History
The company was created in 2000 by unifying the following enterprises:
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. Also, Power Machines has supplied equipment to 57 countries other than Russia with significant market in Asia.
Delisting
As of 31 December 2009 69.92% of shares were owned by Highstat Limited, a company controlled by Alexei Mordashov. 25% of shares were owned by Siemens and 5.08% by minor shareholders.
In December 2011, Highstat acquired Siemens's stake in Power Machines for less than US$280 million (3.6 rubles per share), below the market price (4.9 rubles per share). Power Machines was subsequently delisted from the MICEX-RTS stock exchange. In August 2012, Highstat made a mandatory offer of 4.53 rubles (US$0.139) per share to the remaining minority shareholders, which the Investor Protection Association said was significantly undervalued. Following a complaint filed by the association, the Federal Financial Markets Service fined Highstat 250,000 rubles.
Management
The Board of Directors consists of eight members:
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%.