WEG has just announced the establishment of the newest subsidiary in the external market, WEG in Russia, located in the city of Nizhny Novgorod.
This new branch will work on commercialization and service to products and systems in Russia and former CIS countries which is a market place offering big business opportunities in sectors like prospection, production and transportation of oil and gas.
"This is one of the fastest economically growing areas in the world. Although our presence in the region is still small, we expect major changes during the next years, and the experience in the Oil & Gas market in other regions will be strategically important to enable us to gain market share in Russia", says SĂŠrgio Schwartz, VP and International Director.
This subsidiary in Russia together with the already existent Distributors and Partners reinforces WEG Â´s presence in emerging economies. If researchers are correct, the countries taking part of BRIC (Brazil, Russia, India and China) will be holding within few decades four out of five of the world's largest economies.
"Present in over 20 major and strategic markets, WEG's distribution and commercialization subsidiaries are an integrating part of the company internationalization process. In addition to counting on production facilities in several countries, we became one of the preferred options to our world key customers", says Alidor Lueders, Administration and Investor Relations Director.
WEG in Russia is WEG's 21st. subsidiary, and represents an important step within the company's internationalization strategy.