ITOCHU Announces Conclusion of Memorandum of Understanding on Comprehensive and Strategic Cooperation with Russian Machines, GAZ Group, and Isuzu Motors

September 4, 2015

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it has signed a memorandum of understanding with three companies with a view to creating a comprehensive and strategic cooperation. The three companies are RUSSIAN MACHINES (headquartered in Moscow, Russian Federation), which develops and expands machine building business under BASIC ELEMENT group in Russia (headquartered in Moscow, Russian Federation); GAZ GROUP, the Russian largest commercial vehicle manufacturer (hereinafter “GAZ”); and Isuzu Motors Limited (headquartered in Shinagawa-ku, Tokyo; Masanori Katayama, President & CEO; hereinafter “Isuzu”).

Moving forward, ITOCHU will collaborate in all aspects related to the supply and installation of Isuzu-manufactured engines and other major components in the main vehicle models manufactured by GAZ, which produces and sells approximately 100,000 commercial vehicles in Russian market.

In addition, the company will investigate possibility for sales of the vehicles equipped with Isuzu engines and components, which are jointly developed by GAZ and Isuzu, through the ITOCHU’s sales network.


Name of company BASIC ELEMENT ([Open in a new window] )
Location Moscow, Russian Federation
Representative Oleg Deripaska

Energy and mining, machine building, construction and real estate,

financial service, aerospace, agriculture, etc.

Date established 2001
Shareholders Oleg Deripaska, etc.


Name of company RUSSIAN MACHINES ([Open in a new window] )
Location Moscow, Russian Federation
Representative Manfred Eibeck

Automotive OEM and components, engineering and service for railroad equipment,

aircraft, road construction equipment, agricultural equipment, etc.

Date established 2011
Shareholders BASIC ELEMENT LLC 60%

Profile of GAZ GROUP

Name of company GAZ GROUP ([Open in a new window] )
Location Nizhny Novgorod, Russian Federation
Representative Vadim Sorokin

Manufacturing, development and sale of commercial vehicles

Date established 2005
Shareholders RUSSIAN MACHINES 61.05%