November 20, 2012. A memorandum of understanding was signed by Siemens and Uralvagonzavod (UVZ) Corporation at the conference called Solutions for Cities. This conference was coordinated with the Germany’s Chancellor Angela Merkel holding intergovernmental sessions with Russian President Vladimir Putin, the corporation’s press service reports.

The paper was signed by UVZ Director-General Oleg Sienko and Siemens AG President and Chairman of the Supervisory Board Peter Loescher. The memorandum will lay the foundation for the two parties’ mutually beneficial cooperation when launching the concept of product lifespan at UVZ enterprises.

‘Russia is a crucial market for Siemens. We, with our vast portfolio of innovational solutions on managing industrial products lifespan, are the dependable partner to assist in production and business processes improvements at Uralvagonzavod,’ Loescher said.