Iowa Public Television


Deere Says It's Prepared to Expand in Russia

posted on July 10, 2009

MOLINE, Ill. (AP) — Deere & Co. says it's prepared to significantly expand its farm, forestry and construction operations in Russia "under the right market access conditions."

Deere's president and chief operating officer, Samuel Allen, says the company is working to expand its agricultural-equipment manufacturing operations in Russia by early 2010.

With the support of the Russian Federation government, he says, Deere "could envision a series of significant investments over the next five to seven years in expanded capacity for manufacturing and supporting all types of Deere equipment."

Moline, Ill.-based Deere did not provide further details. It has long had a presence in Russia.

Deere shares fell 75 cents to $37.78 in morning trading.

Tags: agriculture news Russia