The story
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).
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.
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). Power Machines was subsequently delisted from the MICEX-RTS stock exchange. 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. Following a complaint filed by the association, the Federal Financial Markets Service fined Highstat 250,000 rubles.
In 2017, the company's CEO Roman Filippov was placed under temporary arrest on suspicions of divulging State secrets. Machine Powers was placed under US sanctions in 2018 for working to “support Russia’s attempted annexation of Crimea”, leading to the loss of a $500-million contract in Vietnam, a failed payment for a contract completed for Ukraine's DTEK, and the sale of its 35% stake in Siemens Gas Turbine Technologies LLC. In 2020, it was awarded the contract to build the 1.4 gigawatt Sirik power plant in Iran. 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.
From Wikipedia’s article on Power Machines, shared under CC BY-SA 4.0.4