John Deere Water Reaches Agreement to Sell Irrigation Operations
Published on by Water Network Research, Official research team of The Water Network in Business
Deere&Company (NYSE: DE) announcedthat 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 JohnDeere 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 JohnDeere Water operations, the company noted that as a part of its JohnDeere FarmSight™ 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, JohnDeere Field Connect.
JohnDeere 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.
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Taxonomy
- Consumer Products
- Irrigation