Russian President Vladimir Putin oversaw the signing of a joint venture between AGCO Corp. and Russian Machines, during an agricultural conference in the Krasnodar territory next to the Black Sea on Sept. 18.

Mr. Putin was in Krasnodar’s Ust-Labinsk District at the conference featuring representatives of several Russian ministries and agencies, regional heads and representatives of major agribusiness companies and financial institutions.

Steve Clark, AGCO vice president sales and marketing, Europe, Africa and the Middle East, and Siegfried Wolf, chairman of Russian Machines, signed the agreement.

Before the meeting Mr. Putin inspected the progress of this year’s corn harvest in Ust-Labinsk and met with combine-harvester operators employed by Kuban AgroHolding.

AGCO had a variety of its brands on display at the conference including Massey Ferguson and Valtra tractors.

Under the agreement between AGCO and Russian Machines, Russian medium and large-scale farmers are to receive a wide range of support services.

Last year AGCO announced that it would expand its presence in Russia following the country’s entry into the World Trade Organization.

Among the reasons for investing in Russia, the company cited for its interest in supporting the country’s agricultural industry, its proximity to Chinese and Eurasian markets, its abundant water supply and its highly fertile cropland in addition to its extensive arable land.

For Global Atlanta’s announcement of the joint venture between AGCO and Russian Machines, click here.