Case Corporation and Larsen & Toubro Limited Form Construction Equipment Joint Venture in India.

RACINE, Wis.--(BUSINESS WIRE)--Oct. 13, 1999--

Case Corporation (NYSE:CSE) today said that it has formed a joint venture with Larsen & Toubro Limited for the manufacture and sale of construction equipment, specifically loader backhoes and vibratory compactors, in India. The two companies will share 50 percent interest in the new venture, which is named L&T-Case Equipment Limited and is based in Pithampur, Madhya Pradesh, India. Terms of the agreement were not disclosed.

"Gaining entry to the Indian market is an important element in our strategy to continue to grow our construction equipment business," said Jean-Pierre Rosso, Case chairman and chief executive officer. "We have several years of experience with Larsen & Toubro, and we are confident that, in combining the expertise of the two companies, we will provide construction equipment customers in India with superior products that will improve their productivity."

Larsen & Toubro today manufactures loader/backhoes and vibratory compactors at its plant in Pithampur. The technology for these products was originally licensed by Case to Larsen & Toubro in 1989. Under terms of the joint venture agreement, Larsen & Toubro will transfer its Pithampur operations to the new joint venture company and Case will provide a license for a new loader/backhoe design, which will be produced at the Pithampur plant. In addition, the joint venture will manufacture and sell the line of vibratory compactors currently sold by Larsen & Toubro in India.

Case Corporation is a leading worldwide designer, manufacturer and distributor of agricultural and construction equipment, and offers a broad array of financial products and services. Headquartered in Racine, Wisconsin, Case had 1998 revenues of $6.1 billion and sells its products in 150 countries through a network of approximately 4,900 independent dealers.