Russian Machines and Terex Corp. this week completed the formation of a joint venture company for the manufacture of construction and roadbuilding equipment in Russia. Under the agreement, the joint venture will manufacture, market and sell certain Terex products and all Russian Machines construction and roadbuilding products in Russia, as well as distribute certain products manufactured by Terex and exported into Russia. The companies first announced their intention to form a joint venture in the second quarter of 2011.
“The Russian and CIS remain long-term attractive markets and the demand for fundamental infrastructure upgrade across the region is clear,” said Ron DeFeo, Terex chairman and CEO. “This joint venture allows us to be closer to the customer and provide localized products to an increasingly important customer base.”
Headquartered in Westport, Conn., Terex Corp. is a diversified global manufacturer of equipment for use in various industries, including the construction, infrastructure, quarrying, manufacturing, mining, shipping, transportation, refining, energy and utility.
Moscow-based Russian Machines is a major Russian diversified corporation, and part of Basic Element Co. It comprises industrial and engineering assets in such industries as automotive OEM, automotive components, rail industry, aircraft OEM, military vehicles, and road construction machinery.