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　　On 31 March 2008, Valery Shantsev, Governor and Head of the Nizhny Novgorod regional government, and Dr.h.c. Dipl.-Ing. (ETH) Willi Liebherr, President of the Administrative Board of Liebherr-International AG and proprietor of the Liebherr Group of Companies, signed an investment contract at the Governor’s Palace in Nizhny Novgorod for co-operation between the two parties on setting up a new production site in the town of Dzerzhinsk.

　　The new company formed by Liebherr – Liebherr-Nizhny Novgorod OOO – will produce and assemble construction machines such as earthmoving machines and tower cranes for the Russian market on a site covering 120 hectares. In addition, the company will manufacture hydraulic components, transmissions and steel components.

　　Manufacturing, testing, certification, maintenance and overhaul of aircraft components will also take place on the site in Dzerzhinsk. For this purpose, Liebherr formed the company Liebherr-Aerospace Nizhny Novgorod OOO last year together with Dr.h.c. Vladimir Luzyanin, President of Hydromash JSC.

　　The planned investment volume for the whole project will amount to more than 200 million euros (approximately 7.3 billion roubles). With this investment, the Liebherr Group will create more than 600 permanent new jobs in the Nizhny Novgorod region. The signing of the contract underlines the Liebherr Group’s lasting and intensive commitment in Russia and the Nizhny Novgorod region.