Terex has completed the formation of its Joint Venture company with Russian Machines for the manufacture of construction and road building equipment in Russia.
The joint venture will manufacture, market and sell some Terex products and all of Russian Machines construction and road building products in Russia, as well as import and distribute other products manufactured by Terex. Russian Machines is part of Oleg Deripaska’s Basic Element group.
Terex chief executive Ronald DeFeo said: “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.”
Steve Filipov, president of Terex Developing Markets, added: “This new venture will help Terex to solidify its goal in becoming the most customer responsive company to meet local infrastructure building needs. In addition, it will bring the distribution partners together from both companies to deliver improvements in product line, quality, support, and service available for our customers in the Russian market.”