Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Siemens Buys Into Plant

German utilities and technology firm Siemens AG announced Tuesday it had reached agreement on buying a 10-percent stake in one of Russia's biggest industrial turbine factories.

According to a company statement, Siemens won the right to buy a stake in the Kaluga Turbine Factory through an investment tender competition.

With 9, 200 employees, the Kaluga Factory is Russia's biggest producer of 35-megawatt turbines, supplying 50 percent of the CIS market.

Under the deal, the factory will supply components made by Siemens KWU, the firm's electrical equipment division, and Siemens will help market production both in the CIS and overseas.

The sale price was not disclosed but it is understood that Siemens has promised to invest several million dollars in new technology as part of the deal.

Siemens is already one of the main foreign investors in the Russian power generation sector. The company has a joint venture with the Leningrad Metal Factory to produce turbine casings and signed a major deal for the construction of a gas turbine power station in St. Petersburg in June.