The company plans on pouring about $100 million into the facility to modernize it. The project is expected to occur over four or five years.
David Everitt, president of the company's worldwide agriculture and turf division, said the improvements will increase its capacity and flexibility in manufacturing.
"This integrated approach at John Deere in the design and manufacturing of large row crop and four-wheeled-drive tractors is a competitive advantage," Everitt said.
Deere & Company said the Iowa Department of Economic Development voted to give the company tax incentives which will help it keep jobs at its Waterloo location. Everitt noted that these incentives played an important role in the decision to add further investments in the facility.
In October of last year, Deere & Company recalled many workers from its Ottumwa, Iowa, facility that had faced layoffs. The 452 workers who were brought back were slated to work on 2010 models. The plant produces balers, windrowers and other harvesting equipment.
