U.S. farm equipment firm John Deere kicked off a $500 million investment in Russia, saying the investment would grow if the price was right.
The Moscow Times said Wednesday John Deere opened final assembly production lines in Domodedovo, Russia, with the first tractor moving off the assembly line in a staged fog-and-light show.
The U.S. company's chief executive officer, Samuel Allen, said manufacturing in Russia would involve more than just final assembly "if volume goes back to 2008 levels."
"Then localization will happen," he said.
John Deere is also anticipating an increase in land under production in Russia. There are 30 million additional hectares Russia could put under the plow in the near future, the Times said.
At the opening of the Domodedovo factory, Allen quoted Russian poet Fyodor Tyutchev, who wrote Russia "has the potential to be one of the world's breadbaskets."
Post a comment
Report Abusive Comment