Power Machines, which designs, produces, supplies, maintains and modernizes equipment for steam, nuclear, hydro, and gas turbine power plants, plans to increase its annual sales to $3 billion by 2015 compared with $600 million in 2006, Boris Vainzikher told a round table on the development of Russian machine-building.
"We expect to reach the annual sales volume of $2 billion by 2010 and $3 billion by 2015," Vainzikher said.
Power Machines, whose largest shareholders are Russia's electricity monopoly Unified Energy System and Germany's Siemens, which hold 25% plus one share each, and Interros, the holding company for the world's largest nickel producer, which owns 30.4 %, currently has a portfolio of orders worth $2 billion corresponding to the upper limit of the company's production capacity, the general director said.
"In the long-term perspective, we have set the task of maintaining 60% of the Russian market of equipment while retaining about 40% of output slated for export," the general director said.
The company has clients in 87 countries. Its revenues, calculated to Russian Accounting Standards, totaled almost $600 million in 2005, including $7.1 million in net profit.
