This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Deere Reaches Agreement To Sell Irrigation Operations

MOLINE, Ill., Feb. 26, 2014 /PRNewswire/ -- Deere & Company (NYSE: DE) announced today that it has reached a definitive agreement to sell its irrigation operations to FIMI Opportunity Funds, the leading private equity firm in Israel.

After being involved in the production of irrigation products for seven years, Deere announced in September its intention to seek strategic options for the irrigation operations known as John Deere Water.

Closing is expected in the second quarter of the 2014 calendar year. Terms of the sale are not being made public. BofA Merrill Lynch served as the exclusive financial advisor to Deere for the strategic review.

While Deere is exiting the John Deere Water operations, the company noted that as a part of its John Deere FarmSightâ„¢ strategy, it will continue to develop and offer products and services to help customers improve the overall performance of their farming operations, including the current in-field moisture and climate sensing technology, John Deere Field Connect.

John Deere Water is one of the world's largest full-line drip irrigation manufacturers with significant distribution in North and South America, Asia, Europe and Africa.

FIMI Opportunity Fund is Israel's largest and leading private equity fund, with more than US$ 2.0 billion in invested capital. Over the past 17 years, FIMI has completed 73 investments, of which it has realized 45. FIMI is currently investing through its fifth fund which focuses on investing in selected mature Israeli or Israeli-related companies with strong growth potential and a global footprint. FIMI has vast experience in growing and improving operational companies with a global footprint through focused business development activities and operational excellence. For more information, visit FIMI at www.fimi.co.il.

Deere & Company (NYSE: DE) is committed to the success of customers whose work is linked to the land, providing advanced products and services to cultivate, harvest, transform, enrich and build upon the land to meet the world's dramatically increasing need for food, fuel, shelter and infrastructure. For more information, visit John Deere at www.JohnDeere.com.

SOURCE Deere & Company

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,690.43 +70.92 0.40%
S&P 500 2,075.04 +11.93 0.58%
NASDAQ 5,011.0840 +24.2170 0.49%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs