9 Feb 2024 17:29

Russian Siemens renamed "Systems" - Unified State Legal Entities Register

MOSCOW. Feb 9 (Interfax) - Siemens LLC (the Russian structure of AG Siemens) has been renamed Systems LLC, the company's card in the Unified State Register of Legal Entities says.

The 100%-owner of the company is still listed in the register as AG Siemens. Since the end of 2021, Siemens LLC has been in the process of reorganizing via spin-off.

Germany's Siemens, amid the situation in Ukraine, announced the suspension of shipments and new business in Russia as of spring 2022.

Revenues of Siemens LLC fell from 26.26 billion rubles to 6.32 billion rubles in 2022 versus 2021, while net profit of 2.29 billion in 2021 was replaced by a loss of 2.88 billion rubles in 2022, the company's report says.

Globally, Siemens is involved in operations in the fields of automation and digitalization for industry, intelligent infrastructure, transport, and distributed energy systems. In 2020, the company conducted a spinoff, separating its energy division into a separate company, called Siemens Energy (as of the end of November 2023, Siemens owned 17%).

Thus, both companies, Siemens and Siemens Energy were present in Russia.

In October 2022, PJSC Inter RAO announced its purchase of Siemens Energy's 65% stake in STGT, LLC, a joint venture with Power Machines. Power Machines retains 35% in the joint venture. In addition, RAO Intertech B.V. (the Dutch structure of Inter RAO) became the owner of the Voronezh Siemens Energy plant, Voronezh Transformer LLC (formerly Siemens Energy Transformers LLC).