Case Credit creates leasing company in Uzbekistan; supports Case Corporation's pursuit of strategic growth in Central Asia with creation of a new joint venture.RACINE, Wis.--(BUSINESS WIRE)--Sept. 20, 1996--Case Credit (NYSE NYSE See: New York Stock Exchange :CSE (Certified Systems Engineer) See Microsoft certification. ) today announced the signing of a joint venture agreement for the creation of a leasing company, UzCaseagroleasing, in the Republic of Uzbekistan Noun 1. Republic of Uzbekistan - a landlocked republic in west central Asia; formerly an Asian soviet Uzbekistan, Uzbek IMU, Islamic Group of Uzbekistan, Islamic Party of Turkestan - a terrorist group of Islamic militants formed in 1996; opposes Uzbekistan's . This is a joint venture between Case Credit Holdings Limited and the Association of Banks of Uzbekistan. Case Credit Holdings will hold the majority interest in the joint venture company. The new company will provide financing in Uzbekistan's agricultural sector. This initiative, one of the first of its kind in Central Asia, represents Case Credit's first investment in the region and, Case believes, the first agricultural leasing company there. It recognizes the strategic importance of this market and further extends the relationship between Case and Uzbekistan by providing Case Credit expertise to assist with Uzbekistan's developing agricultural economy. An objective of the venture will be to secure financing from international sources of capital to facilitate the financing of Case equipment purchases. Case has sold approximately $65 million of agricultural equipment in Uzbekistan to date, and has provided parts and service support to ensure productivity. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Jean-Pierre Rosso, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Case, "This leasing agreement furthers our partnership with Uzbekistan. It is a first step in developing a financing structure that can be expanded and replicated in other developing markets. Our alliance with the Association of Banks of Uzbekistan provides us with the necessary local market knowledge." Case Corporation, with net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of nearly $5 billion in 1995, is headquartered in Racine, Wisconsin, 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 4,100 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 billion of agricultural and construction equipment financing and leasing contracts. CONTACT: Case Corporation, Racine William B. Masterson, 414/636-5793 |
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