Deere to build new tractor factory in Russia

MOSCOW, June 6 (Reuters) - U.S. farm machinery maker Deere Co. (DE.N) will build a new factory in Russia's Kaluga region to manufacture tractors and other farm machinery, the company said on Monday, with U.S. President Barack Obama due for his first summit.

It plans no acquisitions or joint ventures and plans to grow organically, Deere Chairman Samuel Allen told a news conference in Moscow.

Deere expects Russian sales to fall 20 percent this year as Russia suffers its first economic recession in a decade and import tariffs bite, Allen said. (Reporting by Simon Shuster; writing by Melissa Akin; editing by Dmitry Zhdannikov)