STIEBEL ELTRON Group Now Co-Qwner of Agency in Russia

Commitment to the Russian Market

Stiebel Eltron International GmbH, which is 100 per cent owned by the STIEBEL ELTRON Group, is taking a one-third stake in the Russian Stiebel Eltron o.o.o., which was previously active as an independent company. The corresponding contract has now been signed by Group Managing Director Dr. Nicholas Matten and Alexander Pashenko, the previous sole owner of the Russian agency, and will come into force as soon as it is entered in the Russian Uniform State Register of Legal Entities.  From now on the company will be managed by a Board of Directors comprising Alexander Pashenko and the CFO Alexander Romanov as well as Peter Slavkovsky, Sales Director Eastern Europe STIEBEL ELTRON.

"Our participation is a clear commitment to the Russian market", says Dr. Nicholas Matten. "We see great potential not only in the area of the existing core business, convenient hot water heating, but also in the expansion of further business areas with domestic engineering products based on electricity. Now we can further expand the already very successful cooperation. Alexander Pashenko, who continues to hold the remaining two thirds of the shares, sees further advantages: "The new agreement is also a result of our long-term good cooperation and an additional proof of confidence in a further positive development of the Russian market. The implementation of common Clear Focus Strategy will give a boost to sales of STIEBEL ELTRON Technics in Russia".