Power Machines

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.

OJSC Power Machines
TypeOpen Joint Stock Company
IndustryMetal and power engineering, machinery
Founded2000
Headquarters
St. Petersburg
,
Russia
Key people
Alexandr Rantsev (General Director)
ProductsSteam gas turbines, turbogenerators, other machinery
Revenue$1.18 billion[1] (2017)
$-60.5 million[1] (2017)
$-167 million[1] (2017)
Total assets$3.45 billion[1] (2017)
Total equity$393 million[1] (2017)
OwnerAlexei Mordashov
Websitewww.power-m.ru
Power Machines plant building on Sverdlovskaya embankment in Saint Petersburg

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.[2]

History

The company was created in 2000.

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.[3]

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).[4] Power Machines was subsequently delisted from the MICEX-RTS stock exchange.[5] 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.[5] Following a complaint filed by the association, the Federal Financial Markets Service fined Highstat 250,000 rubles.[6]

Structure

Products
  • GTE180 development, GTE170 production, GTE160, GT100, GTE-150, GTE-250 GTE-300 projects, GTE65, unit M94yu2 (Licensed V94.2 Siemens SGT5-2000E in 1994)
  • SGTT build licensed SGT5-2000E (GTE160 GTE180 TPE180), SGT5-4000F, SGT-600 (Baltika-25)
  • Silmash Gas and Steam Turbines K- and T- for Power Plants (Nuclear Thermal and Hydroelectric)

Management

The Board of Directors consists of eight members:

  • From Severstal-group - Alexey Mordashov, Alexey Yegorov, Vladimir Lukin
  • From Power Machines - Igor Kostin (General Director), Vadim Chechnev
  • From Universal Invest - Igor Voskresensky
  • From Siemens - Michael Zuss, Hans-Jurgen Vio[7]

References
  1. "Финансовый отчет по МСФО за 12 месяцев 2017 года (доллары США) на английском языке" (PDF). Retrieved 28 October 2018.
  2. "Heavy Manufacturing of Power Plants". World Nuclear Association. November 2010. Archived from the original on 2010-11-08. Retrieved 2010-11-13.
  3. "Annual Report 2009" (PDF). Power Machines Company. 2010. Retrieved 2010-11-13. {{cite journal}}: Cite journal requires |journal= (help)
  4. Sysoyeva, Marina (2012-02-12). "Siemens Sells Power Machines Blocking Stake, Kommersant Reports". Bloomberg Business. Archived from the original on 2016-01-14. Retrieved 2016-01-14.
  5. "Mordashov's Highstat makes offer to Power Machines minority shareholders at 4.53 rubles/share (Part 3)". Interfax. 2012-08-14. Archived from the original on 2016-03-04.
  6. Dzyadko, Timofey (2013-04-05). "Mordashov demanded that minority shareholders of "Power Machines" sell their shares". Association of Institutional Investors. Archived from the original on 2016-04-26. Retrieved 2016-01-14.
  7. "Annual General Meeting of Shareholders of Power Machines OJSC" (Press release). Power Machines Company. 2010-07-01. Retrieved 2010-11-13.
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