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Tuesday, December 28, 2010
General Electric Partners With Two Russian Firms
General Electric Company is joint-venturing with Russian energy company Inter RAO and state-owned technology-holding company Rostekhnologii. The Fairfield, Conneticut company, Rostekhnologii and Inter RAO will create a jointly owned entity to manufacture, sell and service GE's gas turbines and build a factory near the city of Rybinsk. The agreement will introduce modern, highly effective solutions for steam and gas co-generation to the Russian energy sector and should increase the stability and reliability of the energy system.
With Rostekhnologii, the company will produce health-care equipment such as CT scanners, angiographs and other diagnostic devices.
GE will hold a 50% stake in each venture, while Rostekhnologii and Inter RAO will each hold a 25% stake in the energy joint venture; Rostekhnologii will hold a 50% stake in the health-care joint venture. (WSJ, 12/28/2010)