EU approves German-Russian gas equipment merger
The EU has approved a joint venture between a German gas and technology group and a Russian power plant equipment manufacturer.
Linde AG and PJSC Power Machines have come together to create Linde Power Machines, which will engineer, produce and distribute stainless steel heat exchange equipment for natural gas liquefaction units.
The joint venture will also provide related services and spare parts to power plants.
Linde AG is currently active in the industrial gases, medical gases, equipment, engineering and services sectors.
PJSC Power Machines is a manufacturer of power generation equipment, in particular turbines and generators.
The EU concluded the proposed deal would not raise competition concerns or change the competitive landscape in the European Economic Area as the joint venture will operate primarily in Russia.
The global gas turbine market is forecast to fall by 2021.