Siemens and Power Machines set up joint venture

German engineering conglomerate Siemens will be teaming up with Russia-based Power Machines within the next few months to set up a gas turbine joint venture, in which Siemens will hold a 65 per cent stake and Power Machines the remaining shares.

The joint venture headquartered in St Petersburg is intended to perform engineering, manufacturing and servicing of gas turbines in Russia and the other countries within the Commonwealth of Independent States (CIS).