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EMAlliance JSC signs General Agreement and MOU with ALSTOM

August 15, 2005: Russian company EMAlliance JSC, ALSTOM Power Boiler GmbH (Stuttgart, Germany) and ALSTOM Switzerland Ltd (Baden, Switzerland), members of the transnational holding ALSTOM, signed General Agreement and Memorandum of Understanding.

The parties agreed on long-term mutual cooperation in supplies of power-generation equipment and services for power engineering, which embraces construction, reconstruction and modernization of existing plants. The result of the cooperation would be realization of an active cooperative marketing in the territory of Russia and other countries, joint participation in new projects, acquisition of the state-of-the-art know-how and technologies that have not been introduced in the Russian industry, including Circulating Fluid Bed (CFB) Boiler Technology.

Mr. Ovchar, Director General of EMAlliance JSC told in an interview: "General agreement and the MOU do not stipulate sales of EMAlliance stocks or stocks of the holding's member companies."

The EMAlliance Holding are: The Machine-Building Plant ZiO-Podolsk, Engineering Company ZiOMar, Taganrog Krasny Kotelshchik Factory and other companies. EMAlliance JSC is one of the largest machine-building companies in Russia, with international experience and references in sales, engineering and design of equipments for thermal energy, oil and gas companies, and atomic energy. The holding's member companies employ more than 14,000 persons. The expected 2005 sales volume will be above 280 million U.S. Dollars (the share of exports is 60%). The company management is planning to reach the target sales volume of 500 million U.S. Dollars in the next three years.

ALSTOM is one of the three world leaders in power-generation engineering, alongside with General Electrics and Siemens, and is the major manufacturer of power-generation equipment in Europe. The company is represented in 70 countries. The earnings of ALSTOM in the previous year made some 14 billion Euros.