MOLINE, Illinois (June 4, 2012) - Deere & Company announced today it will invest $47 million to expand manufacturing capacity in its Moline, Illinois cylinder operations, where the company builds a broad range of hydraulic cylinders used in the company's agricultural, construction, and forestry machines sold around the world.
"John Deere's continued global growth requires the company to invest in our manufacturing operations," said Mark Von Pentz, president of Deere's Worldwide Agriculture & Turf Division. "Market demand has remained strong for John Deere products and this initiative improves our capability to meet that market demand by improving our manufacturing of hydraulic cylinders, which are a key component in heavy equipment."
Deere said the investment will result in significant upgrades in machining tools at the cylinder operations but will not require an addition to the physical building. No jobs will be added as a direct result of the investment.
Deere & Company (NYSE: DE) is a world leader in providing advanced products and services and is committed to the success of those whose work is linked to the land – those who cultivate, harvest, transform, enrich and build upon the land to meet the world's dramatically increasing need for food, fuel, shelter and infrastructure. Since 1837, John Deere has delivered innovative products of superior quality built on a tradition of integrity. For more information, visit John Deere at its worldwide website at www.JohnDeere.com