Deere to sell majority interest in landscapes business to Clayton, Dubilier &
MOLINE, Ill., Oct. 28, 2013 /CNW/ - Deere & Company (NYSE: DE) has agreed to
sell a majority interest in its landscapes business to the private equity
investment firm of Clayton, Dubilier & Rice, LLC. John Deere Landscapes has
been included in Deere's agriculture and turf segment. As a result of the
transaction, Deere will receive approximately $300 million in cash and will
initially retain a 40 percent equity interest in the business.
"This partial sale allows Deere an opportunity to remain as part of a
successful landscapes distribution business," said James Field, president of
Deere's Worldwide Agriculture & Turf Division. "At the same time, Deere will
continue to increase its own strategic focus on the global growth businesses
in agriculture and construction and the complementary businesses in turf and
Deere formed the landscapes business in 2001 when it purchased and merged two
companies that sold wholesale landscape supplies and irrigation products. Two
other acquisitions were later added and now John Deere Landscapes is one of
the largest U.S. wholesale suppliers of turf and ornamental agronomics,
irrigation, outdoor lighting, nursery, and landscape materials.
Field said Deere recognized CD&R's broad experience and successful record in
distribution businesses and the firm's longevity and experience in private
equity. John Deere Landscapes has more than 2,000 employees at approximately
400 locations in 41 states.
Deere & Company is a world leader in providing advanced products and services
and is committed to the success of those whose work is linked to the land --
those who cultivate, harvest, transform, enrich and build upon the land to
meet the world's dramatically increasing need for food, fuel, shelter and
infrastructure. Since 1837, John Deere has delivered innovative products of
superior quality built on a tradition of integrity. For more information,
visit John Deere at its worldwide website at www.JohnDeere.com.
SOURCE Deere & Company
Ken Golden, Director, Global Public Relations, Deere & Company, 309-765-5678
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CO: Deere & Company
-0- Oct/28/2013 13:01 GMT
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