MOLINE, Ill., Aug. 28 /CNW/ -- Deere & Company said today it plans to
further expand manufacturing capacity of its large, high- horsepower tractors
- adding to a project announced earlier this year for facilities in Waterloo,
Iowa. Deere said the investment will help the company meet its expectations
for market demand worldwide in coming years.
Deere said the new initiative will invest approximately $97 million in
areas that are core to the business and offer a competitive advantage, such as
the Waterloo foundry, engine, and drive train operations.
An addition of an estimated 103,000 square feet will be added to the
drive train operation in Waterloo and part of the total investment will be
spent on improvements at a John Deere plant in Coffeyville, Kansas, where
Deere builds transmissions and other drive train components.
"John Deere customers around the world are investing in the improved
productivity delivered by these technologically-advanced machines," said David
Everitt, President, Agricultural Division - North America, Australia and Asia
and Global Tractor Sourcing. "John Deere is investing to help ensure that we
have the manufacturing capacity to meet this demand for John Deere products."
The project announced today is in addition to the investment of
approximately $90 million that Deere had announced in February to increase
manufacturing capacity at the Waterloo Operations. In combination, the
projects will increase John Deere's manufacturing capacity to build high
horsepower tractors in Waterloo by about 40 percent and increase capacity for
other tractor components and service parts. The company said both projects
are expected to be complete by early 2010.
Tractors built in Waterloo are exported to more than 130 countries and
are highly popular with the most productive farmers and growers in North
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