Agco joins JV and follows rivals to court Russian farmers | beyondbrics:
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| Ripe for replacement |
Agco, one of the biggest farm machinery makers in the US, has teamed up with a strong local partner as it follows its US rivals into the competitive Russian market. A deal signed with Oleg Deripaska’s Russian Machines group this week will see the companies join forces to build tractors and combine harvesters at a plant near Moscow as well as teach local farmers about the wonders of agro high tech.
Agco and Russian Machines will hold equal shares in a joint venture that plans to invest $100m over the next three years at a site in Golitsyno near Moscow, where a bus plant will be converted to produce agricultural machinery. Operations are expected to begin in 2014.
Russia has become an important growth market for international agricultural machinery makers as the country’s farmers struggle to modernise."
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