Deere Announces It Has Closed on Joint Venture with Ashok Leyland
MOLINE, Illinois.— 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.
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