MOLINE, Illinois -- Deere & Company (NYSE: DE) has entered into an agreement to purchase certain assets of Bauer Built Manufacturing Inc., located in Paton, Iowa. Bauer has made John Deere and Bauer co-branded planters under a design and manufacturing partnership with Deere since 2002.
The Bauer purchase will allow Deere to expand its portfolio of agricultural products for customers around the world, according to Aaron Wetzel, vice president of the crop care platform in Deere's Worldwide Agriculture & Turf Division.
'John Deere intends to accelerate the growth of its planter business globally,' said Wetzel. 'This objective is in line with John Deere's strategy to fully understand the needs of customers and deliver products and services that enhance our customers' productivity.'
Deere said the assets that it intends to purchase include the designs, intellectual property, inventory, and equipment, along with the manufacturing facility located in Paton. Bauer employs approximately 150 people and manufactures 44- to 120-foot ultra-wide DB Series planters.
Deere said completion of the deal is subject to the terms of the purchase agreement and should be completed during the company's fourth quarter of its 2013 fiscal year, which concludes October 31st.
Deere & Company (www.JohnDeere.com) is a world leader in providing advanced products and services and is committed to the success of customers 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.