Deere (DE) to Invest $97M to Further Expand Tractor Manufacturing Capacity
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Deere & Company (NYSE: DE) today announced that it plans to further expand manufacturing capacity of its large, high- horsepower tractors. 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.
In addition to the project announced in February to increase manufacturing capacity at the Waterloo Operations, 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.
Deere & Company engages in the manufacture and distribution of products and services for agriculture and forestry worldwide.
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