Deere & Company (NYSE:DE) agreed to acquire Deere-Hitachi joint-venture factory in Kernersville, NC from Hitachi Construction Machinery Co., Ltd. (TSE:6305) on August 19, 2021. In related transaction, Deere & Company (NYSE:DE) agreed to acquire Deere-Hitachi joint-venture factories in Indaiatuba, Brazil and Langley, British Columbia, Canada. The total invested capital was $690 million, which consists of net cash consideration and the fair value of the previously held equity investment in the joint venture. As a result of the new agreements, the following changes will go into effect on Feb. 28, 2022, contingent upon regulatory approval. The agreement is subject to the receipt of certain required regulatory approvals as well as certain other customary closing conditions. The former joint venture factories will continue to manufacture Deere-branded construction excavators and forestry equipment; they will discontinue production of Hitachi-branded products. The location will now be referred to as John Deere Kernersville, Kernersville, N.C. Kaoruhiko Suzuki of Paul Hastings LLP acted as legal advisor to Hitachi Construction Machinery.

Deere & Company (NYSE:DE) completed the acquisition of Deere-Hitachi joint-venture factory in Kernersville, NC from Hitachi Construction Machinery Co., Ltd. (TSE:6305) on February 28, 2022.