MOLINE, Ill., March 29, 2016 /PRNewswire/ -- Deere &
Company (NYSE: DE) has entered a joint venture with Hagie
Manufacturing, the U.S. market leader in high-clearance sprayers.
In the agreement, Deere acquires majority ownership of Hagie
Manufacturing, which will continue producing sprayers in its
current Clarion, Iowa
location.
Equipment made by the joint venture will continue to carry the
Hagie brand while sales and service for Hagie equipment will be
integrated into Deere's global distribution channel over the next
15 months.
"Hagie Manufacturing is known for innovation and its strong
customer understanding in high-clearance spraying equipment," said
John May, president, Agricultural
Solutions and Chief Information Officer at Deere. "High-clearance
spraying equipment is a new market for Deere. The expertise at
Hagie allows John Deere to immediately serve customers who need
precision solutions that extend their window for applying
nutrients."
Alan Hagie, chief executive
officer at Hagie Manufacturing, said, "We have great products at
Hagie that help producers be more profitable but we need a business
model that helps us reach more customers. This partnership with
Deere allows our solutions to reach customers on a global scale and
ensure they are supported with the world-class Deere dealer
organization."
May said the joint venture investment allows John Deere to
provide a broader range of sprayer options and integrate Deere's
precision technology into the Hagie equipment to help customers
reduce costs and improve yields.
Deere & Company (www.JohnDeere.com) is a world leader in
providing advanced products and services and is committed to the
success of customers whose work is linked to the land – those who
cultivate, harvest, transform, enrich and build upon the land to
meet the world's dramatically increasing need for food, fuel,
shelter and infrastructure.
Hagie Manufacturing (www.hagie.com) provides innovative crop
protection solutions that are purposeful tools to drive economic
benefits, while also performing responsible stewardship and best
agricultural practices. Hagie was advised by NCP, Inc. as its
exclusive financial advisor on the transaction.
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SOURCE Deere & Company