By Stephen Nakrosis

Deere & Co. on Monday said it ended its joint venture manufacturing and marketing agreements and entered new license and supply agreements with Hitachi Construction Machinery.

Deere also said it acquired full ownership of three Deere-Hitachi joint venture factories, which will no longer produce Hitachi-branded products. Deere said it will continue to manufacture construction excavators and forestry equipment at the facilities.

Deere said it will continue to offer a full portfolio of excavators through a new supply agreement with Hitachi. The company also said its marketing arrangement for Hitachi-branded construction excavators and mining equipment in the Americas has ended, with Hitachi assuming distribution and support of those products.

The changes were previously announced in August of last year and were contingent upon regulatory approvals, Deere said.


Write to Stephen Nakrosis at stephen.nakrosis@wsj.com


(END) Dow Jones Newswires

02-28-22 1742ET