This is a discussion on Deere & Company within the Investment forums, part of the Financial Services category; Deere & Company, an Illinois-based business, is fully acquiring its tractor joint venture with Larsen & Toubro in Pune, India. ...
Deere & Company, an Illinois-based business, is fully acquiring its tractor joint venture with Larsen & Toubro in Pune, India.
Deere announced it would acquire the remaining 50 percent share from Larsen & Toubro of an operation that manufactures transmission and diesel engines and builds the familiar green and yellow John Deere tractors for customers around the world. It did not disclose the terms of the transaction.
"Our expansion in India strengthens our global reach as a company," said Robert W. Lane, the Deere & Company chairman and CEO.
"While this action enhances our ability to serve customers in India, it also extends our capability to profitably serve tractor customers worldwide."
Deere will purchase the remaining 50 percent share from Larsen & Toubro, including the joint venture's world class manufacturing facility in Pune that started production in 2000 and currently employs 900 people.
The Pune subsidiary has steadily increased its share of India's higher horsepower tractor market and become a favourite in the US and other countries for John Deere customers who are seeking a lower-horsepower, highly reliable tractor, Deere said.
Deere is the world's leading manufacturer of agricultural and forestry equipment, a major maker of construction equipment, and a leading supplier of equipment used in lawn, grounds and turf care.
Additionally, the company manufactures and markets engines used in heavy equipment and diversified to provide worldwide financial services as well as landscape and healthcare services.