MOLINE, Ill., July 13 /PRNewswire-FirstCall/ -- Deere & Company said today it
has completed all legal requirements to form a joint venture in India between
its Worldwide Construction & Forestry Division and Ashok Leyland Limited, the
flagship of the Hinduja Group.
The venture will be named "Ashok Leyland John Deere Construction Equipment
Company Private Limited" and will initially manufacture backhoes and
four-wheel-drive loaders and will market backhoes, four-wheel-drive loaders
and excavators that will be sold in India and exported to other markets, with
plans to provide a full line of construction equipment in future years.
The definitive agreement to form the joint venture was first announced in
September 2008. Financial terms have not been disclosed. Ashok Leyland has a
broad dealer network throughout India and is the second largest manufacturer
of commercial vehicles in that country.
John Deere (Deere & Company -- NYSE: DE) is a world leader in providing
advanced products and services for agriculture, forestry, construction, lawn
and turf care, landscaping and irrigation. John Deere also provides financial
services worldwide and manufactures and markets engines used in heavy
equipment. Since it was founded in 1837, the company has extended its heritage
of integrity, quality, commitment and innovation around the globe.
SOURCE Deere & Company
Ken Golden, Director, Strategic Public Relations of Deere & Company,
+1-309-765-5678
