Vasily Golubev, the Governor of the Rostov region, and Aaron Schapper, the CEO of Valmont Industries, have entered into an agreement to work together in launching a production facility for manufacturing irrigation equipment. The memorandum between the two officials was signed in Berlin.

It is estimated that the project will require the funding of over RUR360 million, or USD11.9 million. The investor is a well-known manufacturer of automated irrigational systems.

Valmont Industries imports its products to Russia through specific distributors. As such, the new plant will be the company’s first Russian manufacturing asset.