Support The Moscow Times!

AGCO Sets Up Venture

U.S.-based agricultural equipment producer AGCO on Tuesday set up a joint venture with a company controlled by billionaire Oleg Deripaska to make agricultural machinery in Russia.

 AGCO and Russian Machines will have equal ownership and invest $100 million in the venture over the next three years, said a joint statement from the companies.

 The companies signed the joint venture agreement in the presence of President Vladimir Putin during his visit to a farm owned by a separate business unit of Deripaska’s BasEl holding company.

 The joint venture’s manufacturing facility, to be located in Golitsyno, near Moscow, is expected to begin operations in early 2014.

 “The agricultural sector in Russia has significant potential but needs modernization and efficiency gains,” said Martin Richenhagen, AGCO chairman and CEO.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.