New owner of former Schneider Electric's Mari El plant to invest 500 mln rubles in 2023 - govt

YOSHKAR-OLA. Jan 13 (Interfax) - The new owner of the Potential plant in Mari El, which was previously owned by Schneider Electric, plans to invest 500 million rubles in its development in 2023, the leader of the Russian republic, Yury Zaitsev said in an interview with Interfax.

"Schneider Electric planned to invest 20 million euros in Potential LLC's development by 2026. The change of owner [to Systeme Electric] has not affected the plant's development plans. Investment is going into reconstruction and modernization of production buildings and improvement of the manufacturing process," Zaitsev said.