The ООО Transconverter Board of Directors meeting of May 17, 2005 has made a decision regarding organizational, production, and financial items.

Deputy Director Home of ZAO Transmashholding ( Moscow, Russia) Mr Alexey Tishayev has been elected the ООО Transconverter’s Board Chairman, while Commercial Manager of Siemens AG department in the city of Krefeld ( Germany) Mr Jorg Grell has been elected the ООО Transconverter’s Deputy Board Chairman. The meeting has approved the ООО Transconverter’s production and financial plans for 2005. Also the Board of Directors has determined the location of production of ООО Transconverter ( Moscow).

«Creation of ООО Transconverter will make us first Russian mechanical-engineering company entering a new technical, technological, and organizational level of the high-voltage converters production for the needs of railway engineering», said Mr Mikhail Khromov, ZAO Transmashholding Director Home.