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Siemens forms joint venture with Russia's Uralmash

Fri Dec 21, 2007 4:18am EST

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FRANKFURT, Dec 21 (Reuters) - Siemens AG (SIEGn.DE) said on Friday it had formed a joint venture with Uralmash (URAMI.RTS) for plant building in the metals and mining industry in the Russian market.

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Siemens will own 50 percent of the joint venture plus one share and Uralmash the rest, Siemens said in a statement.

Financial terms of the deal were not disclosed.

"Siemens intends to increase its business in Russia and to use the JV as engineering resource for its global engineering network in global markets," Richard Pfeiffer, chief executive of Siemens VAI Metals Technologies said. (Reporting by Rajiv Sekhri; Editing by )

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