Power Machines OJSC and Toshiba corporation decide to rename their joint venture

Power Machines OJSC and Toshiba Corporation have made a decision to rename their joint venture, Izhora Transformers LLC, into Power Machines – Toshiba. High-Voltage Transformers LLC.

Power Machines OJSC, Izhora Transformers LLC and the Transmission & Distribution Systems Division of Toshiba Corporation have signed an appropriate set of agreements.

In September 2011 Power Machines OJSC and Toshiba Corporation signed a shareholders’ agreement for the establishment of a joint venture company to manufacture high-voltage transformers. On December 19, 2011 the JV was registered as Izhora Transformers LLC. The deal was closed on May 29, 2012. Power Machines OJSC holds a 50.01% stake and the Toshiba Corporation holds the other 49.99% of the shares in the joint venture.

The decision to rename the JV is motivated by the need to strengthen the marketing position of the joint venture and create a synergetic effect by using the brand names of Power Machines and Toshiba – two major players in the power machine building sector. The new name has no geographic reference and the company won't be mistakenly associated with Izhora Plants or other enterprises operating in the region.