Power Machines Explained

OJSC Power Machines
Type:Open Joint Stock Company
Foundation:2000
Location City:St. Petersburg
Location Country:Russia
Key People:Alexander Konyukhov (General Director)[1]
Industry:Metal and power engineering, machinery
Products:Steam gas turbines, turbogenerators, other machinery
Owner:Alexei Mordashov
Num Employees:8,000[2]
Homepage:www.power-m.ru

OJSC Power Machines (translit. Siloviye Mashiny abbreviated as Silmash, ru|ОАО «Силовы́е маши́ны») is a Russian energy systems machine-building company founded in 2000. It is headquartered 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.[3]

History

Power Machines company was established in the year 2000. Today it is a joint venture combining technological, industrial and intellectual resources of six world-famous Russian enterprises: Leningradsky Metallichesky zavod (established in 1857), Electrosila (1898), Turbine Blades’ Plant (1964), Kaluga Turbine Works (1946), Reostat Plant (1960) and Energomachexport (1966).[4]

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).[5] Power Machines was subsequently delisted from the MICEX-RTS stock exchange.[6] 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.[6] Following a complaint filed by the association, the Federal Financial Markets Service fined Highstat 250,000 rubles.[7]

In 2017, the company's CEO Roman Filippov was placed under temporary arrest on suspicions of divulging State secrets.[8] Machine Powers was placed under US sanctions in 2018 for working to “support Russia’s attempted annexation of Crimea”,[9] leading to the loss of a $500-million contract in Vietnam,[10] a failed payment for a contract completed for Ukraine's DTEK,[11] and the sale of its 35% stake in Siemens Gas Turbine Technologies LLC.[12] In 2020, it was awarded the contract to build the 1.4 gigawatt Sirik power plant in Iran.[13] In 2022, Power Machines assembled and tested its first domestically made high-power gas turbine, enabling Russia to replace imported equipment made unavailable since US sanctions.[14]

Structure

Products

Management

The Board of Directors consists of eight members:

External links

Notes and References

  1. Web site: Power Machines names new general director . Power Progress . 20 April 2021 . Jack Burke .
  2. https://career.power-m.ru/en/company/activities-and-events/power-machines-created-an-employee-medical-support-fund/ Power Machines Created an Employee Medical Support Fund
  3. Web site: Heavy Manufacturing of Power Plants . World Nuclear Association . November 2010 . 2010-11-13 . live . https://web.archive.org/web/20101108062405/http://www.world-nuclear.org/info/inf122_heavy_manufacturing_of_power_plants.html . 2010-11-08 .
  4. Web site: Rozhko . Elena . Leader of Russian power engineering does not rest on its laurels - Power Machines . 2024-07-11 . www.manufacturing-journal.net . en-gb.
  5. News: Siemens Sells Power Machines Blocking Stake, Kommersant Reports. Sysoyeva. Marina. 2012-02-12. Bloomberg Business. 2016-01-14. live. https://web.archive.org/web/20160114213314/http://www.bloomberg.com/news/articles/2012-02-20/siemens-sells-power-machines-blocking-stake-kommersant-reports. 2016-01-14.
  6. News: Mordashov's Highstat makes offer to Power Machines minority shareholders at 4.53 rubles/share (Part 3). Interfax. 2012-08-14. live. https://web.archive.org/web/20160304064914/http://www.interfax.com/newsinf.asp?id=353960. 2016-03-04.
  7. Web site: Mordashov demanded that minority shareholders of "Power Machines" sell their shares. 2013-04-05. Dzyadko. Timofey. Association of Institutional Investors. 2016-01-14. live. https://web.archive.org/web/20160426021544/http://api-russia.org/content/mordashov-demanded-minority-shareholders-power-machines-sell-their-shares. 2016-04-26.
  8. News: 2017-07-14 . Russia detains CEO of turbine maker Power Machines - report . 2024-10-26 . Business Standard . Reuters.
  9. Web site: Woodman . Spencer . Weinber . Neil . 2023-11-14 . As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead . 2024-10-08 . ICIJ . en-US.
  10. News: 2024-02-12 . Russian billionaire's Power Machines wins lawsuit against PetroVietnam . 2024-10-07 . Reuters.
  11. News: 2021-11-29 . Overview of the latest court practice on the Russian sanctions-related amendments - Is winter coming? . 2024-10-08 . Herbet Smith Freehills.
  12. News: 2020-03-02 . Russia's sanctions-hit Power Machines to sell its stake in JV with Siemens . 2024-10-08 . Reuters.
  13. Web site: 2020-11-02 . Russia awards contract to Power Machines for work at Iranian power plant . 2024-10-08 . Energy Central . en.
  14. Web site: 2022-12-27 . Russia's Power Machines completes first high-power gas turbine to replace imported equipment . 2024-10-08 . ETEnergyworld.com . en.
  15. Annual General Meeting of Shareholders of Power Machines OJSC . Power Machines Company . 2010-07-01 . 2010-11-13 .

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