MOLINE, Ill., March 2, 2018 /CNW/ -- Deere & Company
(NYSE: DE) has signed a definitive agreement to acquire
King Agro, a privately-held
manufacturer of carbon fiber technology products with headquarters
in Valencia, Spain and a
production facility in Campana, Argentina.
"This transaction provides John Deere customers the chance to
benefit further from King Agro's
unique knowledge, designs, and expertise in carbon fiber
technology," said John May,
President, Agricultural Solutions & Chief Information Officer,
at John Deere.
In 2015, John Deere and King Agro agreed to develop and
distribute carbon fiber booms for John Deere application
equipment in agriculture, offering growers the significant
advantages of carbon fiber's versatility, strength and durability
in self-propelled spraying equipment.
May said the transaction announced today will provide benefits
in sharing best practices in product development, manufacturing,
technology, as well as in scale as King
Agro builds on
a history of innovation.
King Agro has been a family-owned
business with approximately 180 employees and
an extensive 30-year history of developing various carbon fiber
products. In agriculture, the company has targeted innovative
designs that improve productivity and lower costs. King Agro will retain its brand name, trademark,
and commercial relationships.
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. Since 1837, John Deere has delivered
innovative products of superior quality built on a tradition of
integrity.
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SOURCE Deere & Company