MOLINE, Ill., March 10, 2011 /PRNewswire/ -- Deere & Company announced today it plans to double the manufacturing space at its Domodedovo production facility near Moscow and establish its own leasing company in Russia for the sale of agriculture, construction and forestry machinery.
The announcement was made in conjunction with a trip to Russia by Deere & Company Chairman and Chief Executive Officer Samuel R. Allen and other U.S. CEOs who accompanied U.S. Vice-President Joseph Biden to the American Chamber of Commerce's 11th annual investment conference in Russia.
"Russia can make a significant and sustainable contribution to help meet the world's growing demand for food, energy, and forest products," Allen said. "These investments enhance our ability to serve customers in Russia, the Commonwealth of Independent States, and in other nearby markets."
The investment at the Domodedovo facility will double John Deere's manufacturing space at that site, allowing the company to expand the products it manufactures in Russia and add new products such as log forwarders, which are widely used in the Russian forestry industry.
In addition to the manufacturing investment, Deere also will establish a leasing company through its John Deere Financial Services division to augment current retail financing offered by local banks and leasing companies.
James A. Israel, President of John Deere Financial, said, "By establishing a leasing entity in Russia, John Deere will be able to provide retail financing solutions to our customers. Offering financing is an important factor in our service to customers in the agricultural, construction and forestry industries."
Deere & Company (NYSE: DE) is a world leader in providing advanced products and services and is committed to the success of 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. For more information, visit John Deere at its worldwide website at www.JohnDeere.com.