Deere & Co. to Buy Out India Venture
Farm equipment manufacturer Deere & Co. on Monday said it is acquiring the other 50 percent of its tractor joint venture in Pune, India, from Larsen & Toubro Ltd. for an undisclosed sum.
The venture manufactures transmissions and diesel engines and builds John Deere tractors at a Pune plant that employs 900 workers. The equipment is sold to customers in India and elsewhere around the world, Deere said.
“While this action enhances our ability to serve customers in India, it also extends our capability to profitably serve tractor customers worldwide,” said Robert W. Lane, Deere chairman and chief executive, in a statement.
Shares of Deere fell 14 cents to $73.39 in midday trading on the New York Stock Exchange.
Source: forbes.com
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