Case Corporation Completes $78 Million Equipment Sale to the Ukraine.RACINE, Wis.--(BUSINESS WIRE)--Aug. 7, 1997-- Combines and High-Horsepower Tractors Reach Ukraine this Month Case Corporation (NYSE NYSE See: New York Stock Exchange :CSE (Certified Systems Engineer) See Microsoft certification. ) today said it has completed a large shipment of combines and high-horsepower tractors to the Ukraine this month in a $78 million sale. This marks Case's second large sale of equipment to the Ukraine and builds on the company's growing presence in the agricultural equipment market in the Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. (CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S ). The sale includes 369 Axial-Flow(R) combines, 45 Magnum(TM) tractors and related parts. The equipment was purchased by the Ukrainian Agrarian Mercantile Exchange, a grain trading company, financed by the Societe Generale, and is backed by the U.S. Ex-Im Bank See Export-import Bank. . The combines and tractors will be used to harvest crops throughout the country by Ukrainian custom, or contract, harvesting companies. A network of service centers will be established in the country and will be staffed by Case service specialists, who will remain in the Ukraine for two years and train local service technicians. Case has now sold nearly $300 million of agricultural equipment into the CIS. Case is also developing a manufacturing presence in the region through a joint venture with Uzbekistan's largest agricultural equipment maker, Tashelmash. The company's first major sale into the CIS was 100 combines to the Ukraine in 1993. "Our sales in emerging markets are growing as countries see the productivity gains that they can realize using Case IH combines and tractors," said Steve Lamb, Case chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and executive vice president. "The success of the 100 combines we sold to the Ukraine in 1993 was a major factor in today's $78 million sales, which was more than triple the previous order." The agricultural regions of the CIS include the Ukraine, Russia and the Central Asian countries of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The large farms in these regions are particularly well-suited for high-production Case IH agricultural equipment. Case Corporation, with revenues of $5.4 billion in 1996, is headquartered in Racine, Wisconsin Racine is a city in Racine County, Wisconsin, United States, located beside Lake Michigan at the mouth of the Root River.[2] As of the 2006 census, the city had a total population of 79,592.[3] It is the county seat of Racine County. , and is a leading worldwide designer, manufacturer and distributor of agricultural and construction equipment. The company's products are sold through a network of approximately 4,900 independent dealers and distributors in more than 150 countries. Case Credit Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the company, services a portfolio of $4.8 billion of agricultural and construction equipment financing and leasing contracts. CONTACT: Case Corporation William B. Masterson, 414/636-5793 or Marylene Jumel (France), 33 1 49 90 23 16 |
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