Agriculture, construction and forestry machinery manufactured in a Russian John Deere plant will double as a result of the company's increased investment, the Moline, Iowa-based firm announced.
Deere plans to increase the amount and type of machinery it manufactures in Domodedovo and in Russia. The world's largest manufacturer of agriculture and farming machinery also will be in a position to enhance retail financing as offered by local banks and leasing companies.
"Russia can make a significant and sustainable contribution to help meet the world's growing demand for food, energy, and forest products," according to Samuel Allen, chief executive of Deere. "These investments enhance our ability to serve customers in Russia, the Commonwealth of Independent States, and in other nearby markets."
The Domodedovo plant plans were announced during the business trip to Russia by Allen, U.S. vice president Joe Biden and a delegation of U.S. chief executive officers. They were visiting Russia to attend the American Chamber of Commerce's 11th annual investment conference.
"By establishing a leasing entity in Russia, John Deere will be able to provide retail financing solutions to our customers," according to James Israel, John Deere Financial president. "Offering financing is an important factor in our service to customers in the agricultural, construction and forestry industries."
Deere to increase production, interests in Russia
Deere is expanding production and leasing options in Russia.