MOSCOW, September 25 (RIA Novosti) - The Russian tractor producer Traktorniye Zavody said Thursday it had bought a 74% stake in German foundry Luitpoldhutte AG but declined to disclose the value of the deal.
"We have acquired the enterprise, which will complement the production line of our holding," said Albert Bykov, first vice president of Traktorniye Zavody (Tractor Factories).
"The factory, with annual production capacity of 57,000 tons of products, specializes in manufacturing technically complex and large-size components from gray cast iron for agricultural machinery, off-road vehicles, construction mechanisms, auto loaders and is a leading enterprise in Europe in terms of quality," he added.
According to Bykov, Luitpoldhutte's clients include such global leaders as Caterpillar, Danfoss Bauer, General Electric, Fendt, Massey Fergusson (AGCO) and others.
Tractor Factories produces industrial, military and agricultural equipment, and is among the world's top 10 heavy machine makers.
Luitpoldhutte is the company's second foreign asset, after its 2006 acquisition of Denmark's Silvatec Skovmaskiner A/S.
The purchase will "enable Russian producers to improve the quality of their products in a short time, letting such Russian engineering brands as CHETRA [Cheboksary tractors] occupy a worthy place among world brands," Tractor Factories said earlier in a press release.