MOLINE, Ill., Feb. 28 /CNW/ -- Deere & Company said today it will invest
an additional $90 million in its Waterloo, Iowa, facilities with plans to
expand manufacturing capacity for large, high-horsepower tractors. Deere said
the investment will help the company meet continued worldwide market demand
for the equipment.
"John Deere has experienced strong global customer demand for tractors
made in Waterloo that expertly integrate complex electronic and mechanical
systems to provide powerful and versatile machines," said David Everitt,
President, Agricultural Division -- North America, Australia and Asia and
Global Tractor Sourcing.
"John Deere customers around the world are reinvesting in farm machinery
as they sell commodities at higher prices due to increasing demands for food,
especially meat, and increasing global use of bio-fuels."
Tractors built in Waterloo are exported to more than 130 countries and
are highly popular with the most productive producers in North America.
Although the investment will not add floor space to current Deere
facilities, it will increase the company's Waterloo capacity to build large,
high-horsepower tractors by about 25 percent. The improvements will be
substantially completed by early 2010, the company said. The investment will
include additional machine tooling, new manufacturing technology, and improved
work processes as well as replacement of the current paint system.
The project announced today follows a multi-year investment by Deere of
more than $140 million to modernize and improve efficiencies at its
manufacturing facilities in Waterloo, which includes John Deere's largest
tractor factory in the world.
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