John Deere announces new investments in Russia

NEW YORK, March 11 (Itar-Tass) -- The biggest world producer of
agricultural machinery John Deere announced on Thursday plans to double
the manufacturing space at its Domodedovo production facility near Moscow
and establish its own leasing company in Russia for the sale of
agriculture, construction and forestry machinery.
The announcement in Moline, Illinois, was made in conjunction with a
trip to Russia by Deere & Company Chairman and Chief Executive Officer
Samuel Allen who together with other U.S. CEOs accompanied Vice-President
Joseph Biden to the American Chamber of Commerce's 11th annual investment
conference in Russia.
"Russia can make a significant and sustainable contribution to help
meet the world's growing demand for food, energy, and forest products,"
Allen said. "These investments enhance our ability to serve customers in
Russia, the Commonwealth of Independent States, and in other nearby
markets."
The investment at the Domodedovo facility will double John Deere's
manufacturing space at that site, allowing the company to expand the
products it manufactures in Russia and add new products such as log
forwarders, which are widely used in the Russian forestry industry.
In addition to the manufacturing investment, Deere also will establish
a leasing company through its John Deere Financial Services division to
augment current retail financing offered by local banks and leasing
companies.
James Israel, President of John Deere Financial, said, "By
establishing a leasing entity in Russia, John Deere will be able to
provide retail financing solutions to our customers. Offering financing is
an important factor in our service to customers in the agricultural,
construction and forestry industries."