John Deere, L’Oreal confirm investment projects in Kaluga Region

John Deere, one of the U.S.'s largest tractor producers, and the French cosmetics company L'Oreal have confirmed their commitment to long-term investment projects in Russia's Kaluga Region.

The Kaluga Region is some 100 km southwest of Moscow.

"The agreements have been signed... and both parties have confirmed their interest in long-term projects," Maxim Shereikin, the Kaluga Region economic development minister said.

John Deere plans to invest around $61.4 million in a plant for the production of agricultural equipment.
The plant is expected to go into operation in 2010 and will create 100 jobs.

L'Oreal plans to invest 45 million euros ($69.9 million) in a project to build a cosmetics plant outside the regional capital of Kaluga.

The L'Oreal plant, to be built by late 2010, will occupy 15 hectares (37 acres) of land at the Vorsino industrial park.
It will roll out 300 million units annually, mostly hair-care items.
It will create 200 jobs.

The Kaluga Region is a popular site among global industries for localizing their production in Russia.
A number of global leading carmakers, including Volkswagen, Peugeot-Citroen and Mitsubishi, have plants in the region.