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Deere Forms Joint Venture With Indian Company

Deere & Company, a global manufacturer of agriculture products and construction equipment, will form a joint venture with Ashok Leyland Limited of India to manufacture and market backhoes and four-wheel-drive loaders that will be sold in India and exported to other markets. Officials of Illinois-headquartered Deere say the two companies will build a manufacturing facility in India at a to-be-determined location, with plans for initial production in early 2010. "This action enhances Deere's growth of the construction equipment business outside of North America" says Samuel R. Allen, president of Deere's Worldwide Construction and Forestry Division. "India is an important market and Ashok Leyland is a knowledgeable partner with strengths in brand recognition, distribution, quality manufacturing, and loyal employees and dealers." Chennai-headquartered Ashok Leyland, a division of the Hinduja Group, is the largest manufacturer of commercial vehicles in India. Financial terms of the venture were not announced.

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