Terex, Russian Machines form equipment-manufacturing JV

  • 23-May-2012 12:58 EDT

Terex Corp. and Russian Machines have completed the formation of a joint venture company for the manufacture of construction and road-building equipment in Russia. Under the agreement, the JV will manufacture, market, and sell certain Terex products and all Russian Machines construction and road-building 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 JV 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. This joint venture allows us to be closer to the customer and provide localized products to an increasingly important customer base,” said Ronald M. DeFeo, Chairman and Chief Executive Officer of Terex Corp., a Westport, CT-based global manufacturer in the segments Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions, and Materials Processing. Russian Machines is a major Russian diversified corporation, a part of Basic Element Co., comprising industrial and engineering assets in automotive, rail, aircraft, military vehicles, and road-construction machinery.

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