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MarketScreener Homepage  >  Equities  >  Nyse  >  Deere & Company    DE

DEERE & COMPANY

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Deere mpany : to acquire Unimil, provider of aftermarkets parts for sugarcane harvesters

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10/14/2019 | 11:01am EST

MOLINE, Ill., Oct. 14, 2019 /PRNewswire/ -- Deere & Company (NYSE: DE) has signed an agreement to acquire Unimil, a privately-held Brazilian company in the aftermarket service parts business for sugarcane harvesters.

"The decision to acquire this company in the aftermarket parts business emphasizes our commitment to customers," said Cory Reed, president of Deere's Worldwide Agriculture and Turf Division in the Americas. "Unimil has earned the confidence of customers in the sugarcane parts business by providing excellent service and products."

Unimil, located in Piracicaba, Sao Paulo, Brazil, was founded in 1999 and has become a well-recognized provider of sugarcane harvester parts. The company has approximately 430 employees. Brazil is the number one supplier of sugarcane in the world, producing approximately one-third of the world's annual production and nearly twice as much as any other country.

Reed said the addition of Unimil further illustrates John Deere's commitment to the sugarcane business in Brazil and a commitment to making investments that help customers reduce their sugarcane production costs. Deere recently introduced a new sugarcane harvester that's designed to significantly reduce production costs. Additionally, through JD Link, Deere offers connected support to maximize equipment up time and grower productivity. And now with Unimil, Deere will offer an expanded portfolio of parts with cost-effective solutions for customers.

Unimil will retain its current brand name. Deere also plans to continue the current direct-to-customer business model of selling Unimil products, while also offering dealers an opportunity to provide additional services and support to sugarcane customers.

Financial terms of the agreement are not being made public. Deere said the transaction requires customary regulatory review.

Deere & Company (www.JohnDeere.com) is a world leader in providing advanced products and services and is committed to the success of customers 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.

Cision
View original content:http://www.prnewswire.com/news-releases/deere-to-acquire-unimil-provider-of-aftermarkets-parts-for-sugarcane-harvesters-300937789.html

SOURCE Deere & Company


© PRNewswire 2019
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