Minneapolis Moline TürkTraktör and Ziraat Makineleri A.Ş. Had Been Established
A Memorandum of Understanding (MOA) was signed by and between MKE, TZDK, Ziraat Bankası, Tariş, Çukobirlik and Minneapolis-Moline. According to the foregoing MOA, Minneapolis-Moline would establish a company under the commercial title of TürkTraktör ve Ziraat Makineleri A.Ş. (Co. Inc.) with registered offices in Ankara and through an operating contract Minneapolis-Moline Co. would provide the local and foreign personnel and operate the factory. Ratio of the local personnel would be raised to at least 90% in not later than five years. It was decided that the company's duration would be 25 years and capital to be paid by the shareholders would be TL 20 million. The Company's establishment was ratified by the virtue of the Council of Ministers Resolution of 25th June 1954 and published on the Official Gazette of 29th July 1954.