German industrial conglomerate Siemens AG (SI) said Wednesday it has signed an agreement with Russia's Federal Grid Company Inc. (FCGN) to modernize the Russian high-voltage transmission grid with efficiency-enhancing technologies.

The agreement includes the production of Siemens equipment in Russia, and will also involve expanding local production facilities for equipment such as power transformers and high-voltage switching devices.

Company website: www.siemens.com

-By Harriet Torry, Dow Jones Newswires: +49 69 29725 511: harriet.torry@dowjones.com
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