The sides signed an agreement on foundation of the joint venture with the charter capital for 1 million euros in February. The Uzbek president Islam Karimov approved the agreement with his resolution in March.

TTZ holds 51% share in the venture, while the German side will possess 49% stake. The sides are planning to raise authorized capital to 3 million euros, keeping current ratio of shares.

The preliminary capacity of the venture will be 500 units of agriculture equipment a year, including 200 units of universal cultivating tractors and 170 units of wheat harvesters, and other equipment.

In the first stage, the venture will assemble equipment from SKD components, but the localization level will reach 50% in 2013.

Uz CLAAS Agro plans to create subsidiary Uz CLAAS Service to ensure post-sales services to agriculture equipment. The company will have service centers in all regions of Uzbekistan.