AGCO Corporation, Duluth, Ga., announces the signing of a letter of intent between Fendt, a premium product line of AGCO Corporation and Agromash Holding, based in Moscow. Its objective is to create a long-term cooperation between both companies for the development, production and sales of tractors, combines and engines.

In the presence of Russian President Putin and German Chancellor Schroder, the agreement was signed in Hanover, Germany during a major industrial trade show. AGCO President and Chief Executive Officer Martin Richenhagen said, "We want to send a positive signal for future cooperation in one of the fastest growing regions in Europe."

Fendt, based in Marktoberdorf, Germany is AGCO's premium brand for innovative technology and high-quality products.

Agromash Holding, based in Moscow, is a leading privately owned manufacturer and distributor of agricultural equipment in Russia, and the only company in the country which offers a full line of agricultural equipment. The company has a tractor manufacturing facility in Volgograd, a combine harvester factory in Krasnoyarsk and engine manufacturing facilities in Barnaul. Furthermore, it has subsidiaries in the Russian Federation, the Ukraine and Kazakhstan. The sales distribution network comprises over 120 sales and service locations in Russia and the neighboring CIS countries.

Source: Yahoo News