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Russia - Tractor plants buys stake in German foundry Luitpoldhutte

Russia's Tractor Plants has clinched a deal to buy a 74% stake in the German foundry Luitpoldhutte AG from the auto component producer Farina. Tractor Plants financed the deal itself, but is not disclosing the sum.

Mr Mikhail Bolotin president of Tractor Plants said the purchase will enable Russian producers to improve the quality of their products in a short time, letting such Russian engineering brands as CHETRA occupy a worthy place among world brands.

Tractor Plants produces industrial, military and agricultural equipment, and is among the world's top ten heavy machine building giants. Luitpoldhutte is the company's second foreign asset. Its first was Denmark's Silvatec Skovmaskiner AS which it acquired in 2006.

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