Terex has formed a joint venture with Russian Machines to build 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.
Ronald M. DeFeo, Chairman and Chief Executive Officer, Terex Corporation, said:
“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.”
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.