Deere and Company will invest $70 million to expand manufacturing capacity at its Waterloo, Iowa, large farm tractor manufacturing plant.

Deere officials reported strong demand for large tractors and said the investment will increase the number of tractors Deere can build by 10 percent beginning the middle of 2013, with additional planned improvements increasing production by 50 percent.

"Through this initiative, we will increase our manufacturing flexibility and speed," said David Everitt, president of the Deere's Worldwide Agricultural and Turf Equipment Division. "The market demand John Deere has experienced for large agricultural equipment has remained strong for several years. We believe the time is right to invest in our facilities to meet future demand for the large John Deere tractors that help our customers meet the world's growing demand for food."

"The John Deere Waterloo Works are an important part of the company's global manufacturing strategy," Everitt said. "Not only does Waterloo produce whole goods in the form of the large tractors, the operations also manufacture components that are used in John Deere machines built at other facilities."

Tractors built in Waterloo are used in more than 130 countries each year. Approximately 6,000 individuals are employed in John Deere's Waterloo operations. The firm does not plan to add manufacturing jobs at this time as a result of the expansion, company officials said.