29 May, 2012
TOKYO, JAPAN - Toshiba Corporation (Tokyo: 6502) today
announced that it has completed the final stage of
establishing a joint venture, PM&T Holding B.V. (PM&T),
with Open Joint Stock Company "Power Machines"
(Power Machines), Russia's leading supplier of power
generation equipment. PM&T will be the holding company for
Toshiba and Power Machines' power transformer
manufacturing company in Russia.
After receiving necessary regulatory approvals, Toshiba
acquired 49.99% ownership of PM&T. Power Machines holds
correspondingly 50.01% of the shares. PM&T will function as
the holding company for Limited Liability Company
"Izhora Transformers" (IZT), which will design,
manufacture and sell power transformers. The joint venture
is capitalized approximately at US$50 million and the total
amount of investment for the construction of new factory is
planned to be more than US$160 million.
Established in December 2011 in St. Petersburg, Russia, IZT
is currently building a power transformer manufacturing
factory that is scheduled to start operation in December
2013. IZT aims to promote business actively in Russia and
other countries of the former Soviet Union, a major market
characterized by growing power consumption and a need to
replace aging transmission equipment including power
transformers. IZT aims to secure a certain share of Russian
market with products designed and manufactured under
technology license agreement with Toshiba signed in April,
this year.
Going forward, Toshiba will promote its power transmission
and distribution business in Russia and other emerging
economies and strengthen its global business structure.
Outline of Izhora Transformers
|
Company name:
|
Limited Liability Company "Izhora
Transformers"
|
|
Established:
|
2011
|
|
Representative:
|
Pishchikov Andrey, General Director
|
|
Location:
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St. Petersburg, Russia
|
|
Employees (2015):
|
Approx. 350
|
|
Business:
|
Design, manufacture, sales and marketing of power
transformers
|
Outline of Power Machines
|
Company name:
|
Open Joint Stock Company "Power Machines"
|
|
Established:
|
2000*1
|
|
Capital:
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US$11 million (as of December 2011)
|
|
Head office:
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St. Petersburg, Russia
|
|
Representative:
|
Igor Kostin, chairman and the Executive Board - CEO
|
|
Employees:
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15,012 (as of the end of 2011)
|
|
Net Sales:
|
US$1,703 million (calendar year 2011)
|
|
Business:
|
Design, manufacture and sales of turbines and
generators for power plants
|
*1 As a business group bringing together seven enterprises,
including Leningradsky Metallichesky Zavod, which was
established in 1857, and Electrosila, which was established
in 1898.
Information in the news releases, including product prices
and specifications, content of services and contact
information, is current on the date of the press
announcement, but is subject to change without prior
notice.
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