MOLINE, IL, Aug. 27 /CNW/ -- Deere & Company (NYSE: DE) announced today
that it has completed its acquisition of the Ningbo Benye Tractor & Automobile
Manufacture Co. Ltd. business, located in Ningbo in southern China. In June,
Deere announced it had signed a definitive agreement to purchase Benye.
The acquisition expands John Deere's product line for Chinese farmers and
enhances the company's worldwide capacity to produce low horsepower tractors.
In China, Deere currently builds tractors in the 60 to 120 horsepower range at
a joint venture tractor factory in Tianjin while Benye mainly builds tractors
in the 20 to 50 horsepower range.
Benye is the largest tractor manufacturer in southern China and currently
receives 95 percent of its revenue from sales within China, although it has
exported to 70 countries worldwide. Deere expects to leverage Benye's product
range and manufacturing capacity for sales in China and into other Asian,
African, and Commonwealth of Independent States markets.
Deere has provided products and services to the China agricultural market
since 1976 and has manufactured equipment in China since 1997. Currently, the
company manufactures combines in Jiamusi and tractors in Tianjin.
John Deere (Deere & Company - NYSE: DE) is the world's leading provider
of advanced products and services for agriculture and forestry and a major
provider of advanced products and services for construction, lawn and turf
care, landscaping and irrigation. John Deere also provides financial services
worldwide and manufactures and markets engines used in heavy equipment. Since
it was founded in 1837, the company has extended its heritage of integrity,
quality, commitment and innovation around the globe.
For further information:
For further information: Ken Golden, Director, Strategic Public
Relations of Deere & Company, +1-309-765-5678 Web Site: http://www.deere.com