Power Machines

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OJSC Power Machines
Open Joint Stock Company
Industry Metal and power engineering
Founded 2000
Headquarters St. Petersburg, Russia
Key people
Alexandr Rantsev (General Director)
Revenue 17.70 billion (2007)
3.11 billion (2007)
Owner Alexei Mordashov
Website www.power-m.ru
Power Machines plant building on Sverdlovskaya embankment in Saint Petersburg

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.

History[edit]

The company was created in 2000 by unifying the following enterprises:

Operations[edit]

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.[1]

Delisting[edit]

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.[2]

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

Management[edit]

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%.

References[edit]

  1. ^ "Heavy Manufacturing of Power Plants". World Nuclear Association. November 2010. Retrieved 2010-11-13. 
  2. ^ "Annual Report 2009" (PDF). Power Machines Company. 2010. Retrieved 2010-11-13. 
  3. ^ Sysoyeva, Marina (2012-02-12). "Siemens Sells Power Machines Blocking Stake, Kommersant Reports". Bloomberg Business. Retrieved 2016-01-14. 
  4. ^ a b "Mordashov's Highstat makes offer to Power Machines minority shareholders at 4.53 rubles/share (Part 3)". Interfax. 2012-08-14. 
  5. ^ Dzyadko, Timofey (2013-04-05). "Mordashov demanded that minority shareholders of "Power Machines" sell their shares". Association of Institutional Investors. Retrieved 2016-01-14. 
  6. ^ "Annual General Meeting of Shareholders of Power Machines OJSC" (Press release). Power Machines Company. 2010-07-01. Retrieved 2010-11-13. 

External links[edit]