On May 4, Russian Machines ^[1] and Terex ^[2] announced they have completed the formation of a joint venture company for the manufacture of construction and road building 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.

The companies first announced their intention to form a joint venture in the second quarter of 2011.