Logo
  Sunday, December 8, 2019
Sign-In  |  Sign-Up  |  Contact Us  |  Bookmark 

Silovye Mashiny is planning to boost its sales to $1 billion by 2007
Silovye Mashiny, Russia's leading heavy machinery manufacturer, is planning to boost its sales to $1 billion by 2007, the company's general director said Tuesday. "In the near future, and more precisely by 2007, we plan to reach $1-billion sales mark," Igor Klochko said. The executive said the company posted sales of $650 mln in 2005 and it expected to show a profit in its statements according to Russian Accounting Standards (RAS) in 2006. According to Klochko, the company (RTS ticker: SILM) has to prepare an adjusted long-term sales forecast in 2006 and develop a new R&D program to increase future sales. Silovye Mashiny produces equipment for hydro, thermal, gas and nuclear power plants, and the transportation industry. The company has clients in 87 countries. Germany's Siemens has recently paid $93 million for a 20.61% stake in Silovye Mashiny (Power Machines). This deal echoed the recent sale of a 22.43% stake in the company to Russia's energy giant Unified Energy System for $101.4 million. As a result, UES and Siemens have both consolidated stakes of 25% plus one share. Silovye Mashiny's market capitalization grew 44% in January to total $810 million on January 30
Print Silovye Mashiny is planning to boost its sales to $1 billion by 2007 Bookmark Silovye Mashiny is planning to boost its sales to $1 billion by 2007

Related News   
FebMarch 2006Apr
MoTuWeThFrSaSu
272812345
6789101112
13141516171819
20212223242526
272829303112
3456789