Siemens takes China by storm

One joint venture will develop and build wind turbines for the Chinese and the international Siemens manufacturing network. The other joint venture will be responsible for sales, project management, and service of wind turbines in China. Siemens will hold a 49% stake in the joint ventures; Shanghai Electric will hold 51%. The signed agreements are subject to the approval of antitrust authorities.
Siemens will bring wind turbine technology as well as international expertise and experience in project management to the joint undertaking. For its part, Shanghai Electric will ensure access to the market and Chinese customers. The joint venture will thus develop products tailor-made to the requirements of the Chinese market. Siemens and Shanghai Electric have been working together for 15 years through six joint ventures in the fields of power generation and transmission.
"We see these agreements with our long-time partner Shanghai Electric as a breakthrough for Siemens in the most important wind energy market in the world," says Michael Süss, a member of the board at Siemens AG and CEO of the Energy sector. "The strategic cooperation with Siemens will improve manufacturing expertise in the Chinese wind industry and bring Shanghai Electric’s wind energy business to a new level in terms of technology and management," says Xu Jianguo, president and CEO of Shanghai Electric (Group) Corporation.
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