Deere Planning To Sell Irrigation Ops?
Deere & Co. has announced it will “review strategic options” for its irrigation operations known as John Deere Water and has retained Bank of America Merrill Lynch as exclusive financial advisor to assist in the initiative. Deere said no formal decisions have been made and no agreements have been reached concerning the company's irrigation operations.
Deere has been involved in the production of irrigation products for the past seven years, after its $41 million, 2006 acquisition of Roberts Irrigation Products. Roberts Irrigation was a manufacturer of plastic micro and drip irrigation products for the agricultural, nursery and greenhouse market.
John Deere Water is currently one of the world's largest full-line drip irrigation manufacturers with global operations from 24 sales and marketing locations and 19 warehousing locations in 15 countries encompassing Argentina, Australia, Brazil, Chile, China, Ecuador, France, India, Israel, Italy, Mexico, Russia, Spain, Turkey and the U.S. Its products are marketed through 700 independent dealers and distributors in over 100 countries.
While Deere will assess strategic options for its irrigation operations, the company said it remains committed to further enhancing products such as its in-field moisture sensing and climate monitoring system known as John Deere Field Connect - one of several elements in the company's John Deere FarmSight strategy. The Moline, Ill. Based manufacturer added that it will continue to develop and offer products and services to help customers better manage agronomic activities in the field.Edit Module