Deere & Company (NYSE:DE) said today
that it has made a conditional offer to purchase certain assets and customer
relationships of BHC Manufacturing, which is located near Beit Hashita, Israel.
BHC, which employs approximately 110 people, is a manufacturer of cotton picker
repair parts for all makes of equipment and a supplier of cotton picker row units
for other equipment manufacturers. The action would allow Deere to expand its
products and services in the company's already successful cotton picker business.
"John Deere continues to focus on a strategy of global growth," said Mark von Pentz,
President, Agriculture & Turf Division. "This commitment extends to serving cotton
customers around the world. By combining the manufacturing assets of BHC with
Deere's existing manufacturing capacity, John Deere will have improved capability,
efficiency, and geographic reach to satisfy customer needs."
Deere said the conditional offer is contingent upon the satisfactory completion of
due diligence. Terms of the transaction were not made public. Deere said it
anticipates completing due diligence in the 2nd quarter of its 2010 fiscal year.
John Deere (Deere & Company - NYSE: DE) is a world leader in providing advanced
products and services for agriculture, forestry, 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.
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