The Russian state corporation Rosatom has terminated its contract with Siemens Energy for the supply of components for the Hungarian nuclear power plant Paks II.
Both companies confirmed a report by the news portal "Politico" on Tuesday. Rosatom stated that it dissolved the contract because the German company was unable to fulfill its contractual obligations, according to information provided to the Reuters news agency. Siemens Energy, on the other hand, said that at the time of termination, there were no sanctions-related restrictions. The client had withdrawn its interest at a time when delivery would have been possible.
Rosatom further stated that Siemens Energy's involvement was limited to parts of the control technology. This accounted for less than four percent of the total equipment scope. The components could be replaced by Russian or European alternatives.
(Reporting by Anastasia Lyrchikova, edited by Tom Käckenhoff, revised by Philipp Krach. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economic affairs) or frankfurt.newsroom@thomsonreuters.com (for business and markets).
Siemens AG is one of the world's leading manufacturers of electronic and electro-technical equipments. Net sales break down by family of products as follows:
- medical equipment (29.6%): medical imaging systems, laboratory diagnostics and hearing aid systems, etc.;
- smart building and infrastructure solutions (28.7%): energy transition solutions, HVAC products (heating, ventilation and air conditioning systems), building security systems (fire detection and protection systems, access control, video surveillance and intrusion detection systems, etc.), building management systems, etc.;
- digital industrial equipment (22.1%): automated production, assembly, logistics and monitoring systems, etc.;
- mobility solutions and systems (15.8%): rail vehicles, rail automation systems, rail electrification systems, digital and cloud-based solutions, etc.
The remaining net sales (3.8%) are primarily from financial activities (leasing, equipment and project financing, financial consulting services, etc.).
Net sales are distributed geographically as follows: Germany (14.8%), Europe/Commonwealth of Independent States/Africa/Middle East (32%), the United States (28%), America (4.6%), China (9.1%), Asia and Australia (11.5%).
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Investor
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Global
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The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
