Siemens Energy sells majority stake in Russia-based joint venture

INTER RAO Lietuva AB

14/10/2022 12:33

FRANKFURT, Oct 14 (Reuters) - Siemens Energy  ENR1n.DE 
has sold a 65% stake in a Russia-based gas turbine firm to joint
venture partner Inter Rao  IRAO.MM , a spokesperson for the
German company said, in line with its strategy to exit the
country.
    No financial details were disclosed.
    The news was first reported by the Interfax news agency.
    Siemens Energy in August said it might sell or wind down its
Russian business and that it was in touch with public
authorities to work through the details.
    In the company's 2021 fiscal year, Russia accounted for a
low single-digit percentage share of Siemens Energy's total
sales of 28.5 billion euros ($27.7 billion), it said earlier
this year.
($1 = 1.0273 euros)
 (Reporting by Alexander Huebner and Christoph Steitz, Editing
by Miranda Murray)
 ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))