GAZ Group and Terex Corp. have entered into an agreement to form a joint venture company, expected to be operational in early 2012, for the manufacture of construction and road-building equipment in Russia. Under the agreement, the JV will manufacture, market, and sell certain Terex (specific products yet to be determined) and all GAZ Group construction and road-building products in Russia, as well as distribute such products manufactured by Terex and exported into Russia. The new company also will sell certain GAZ Group products for export. GAZ Group, which is part of Basic Element, will provide manufacturing facilities and human resources, as well as access to its Construction Equipment Division dealer network. Production is planned for GAZ Group’s Tvex Excavator, Bryansk Arsenal, Chelyabinsk Construction and Road Machines, and Zavolzhsky Crawler Vehicle plants. The company expects the JV arrangement to help upgrade the current product portfolio of its Construction Equipment Division.