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Unified Energy System

September 15, 2006

Member of RAO UES Management Board and Technical Director of RAO "UES of Russia" Boris Vainzikher elected Director General of OAO Power Machines

Moscow, 15 September 2006. The Board of Directors of OAO "Power Machines" unanimously approved the appointment of Member of RAO UES Management Board and Technical Director of RAO "UES of Russia" Boris Vainzikher as Director General of OAO "Power Machines". Boris Vainzikher was also appointed Chairman of the Management Board of OAO "Power Machines".

This step was taken to further strengthen the position of Power Machines Group in the Russian market of power engineering in view of the forthcoming large-scale modernization in the electricity sector.

The Board of Director of OAO "Power Machines" also considered the company's development concept for five years. The Concept was jointly worked out by Interros Holding Company, RAO "UES of Russia", and Siemens AG. The Concept comprises the Company's product and market strategy, investment programme and programme of technical modernization, as well as financial and economic model for the Company's development.

Successful implementation of the development concept will enable Power Machines to preserve and strengthen its leadership and expand its market share in Russia amid increasing competition from foreign manufacturers. The Group also intends to maintain its presence in its traditional foreign markets, such as China, Viet Nam, India, South and Latin America, East Europe, and Middle East.

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Power Machines Group is Russia's leading producer and supplier of equipment for hydroelectric, thermal, gas and nuclear power plants, electric power transmission and distribution equipment. The Group comprises OAO "Leningradsky Metallichesky Zavod" (LMZ), OAO "Electrosila", "Turbine Blades Plant" (ZTL), I. I. Polzunov Scientific and Development Association on Research and Design of Power Equipment (NPO CKTI) based in St.-Petersburg, and the sales company "Energomashexport". Equipment produced by the Group's enterprises is installed in 87 countries throughout the world.

 

 

 

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