12/03/08
Deere & Company has announced that it will invest an additional
$90 million in its Waterloo, Iowa, facilities with plans to expand
manufacturing capacity for large, high horsepower tractors. Deere
said the investment will help the company meet continued worldwide
market demand for its equipment.
High demand for large horsepower tractors triggers further investment
in Waterloo, Iowa.
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“John Deere has experienced strong global customer demand
for tractors made in Waterloo that expertly integrate complex electronic
and mechanical systems to provide powerful and versatile machines,” said
David Everitt, President, Agricultural Division – North America,
Australia & Asia and Global Tractor Sourcing. “John Deere
customers around the world are reinvesting in farm machinery as
they sell commodities at higher prices due to increasing demands
for food, especially meat, and increasing global use of biofuels.”
Tractors built in Waterloo, Iowa are exported to more than 130
countries worldwide and are highly popular with the most productive
farmers in North America, Central and Eastern European countries
and CIS markets. Although the investment will not add floor space
to current Deere facilities, it will increase the company’s
Waterloo capacity to build large, high horsepower tractors by about
25 per cent.
The improvements will be substantially completed by early 2010,
the company said. The project announced today follows a multi-year
investment by Deere of more than $140 million to modernise and
improve efficiencies at its manufacturing facilities in Waterloo,
which includes John Deere’s largest tractor factory in the
world.
“The above investment will enable us to better satisfy the
rapidly growing demand for 8030 and 9030 Series tractors, particularly
in key European markets, in Russia and neighbouring countries,” said
Markwart von Pentz, President, Agricultural Division – Europe,
Africa & South America. “In 2007 alone, shipments of
large horsepower tractors to Europe, Africa and the Middle East
markets have increased by 25 per cent compared to the previous
year. This capacity expansion will complement the investment in
our European business units to grow our product portfolio, to improve
our services and to hire young professional talents.”
John Deere is continually expanding its presence in the Europe,
Africa & Middle East (EAME) region. In the past three years,
Deere has invested more than $300 million in the modernisation
and expansion of its manufacturing facilities, sales branches and
product support assets. Likewise, the company has increased its
workforce in Europe, Africa and the Middle East to nearly 10,000
people.
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