The company is selling its irrigation operations to a private equity firm in Israel.
MOLINE, Ill. -- Deere & Company announced today that it has reached a definitive agreement to sell its irrigation operations to FIMI Opportunity Funds, the leading private equity firm in Israel.
After being involved in the production of irrigation products for seven years, Deere announced in September its intention to seek strategic options for the irrigation operations known as John Deere Water.
Closing is expected in the second quarter of the 2014 calendar year. Terms of the sale are not being made public. BofA Merrill Lynch served as the exclusive financial advisor to Deere for the strategic review.
While Deere is exiting the John Deere Water operations, the company noted that as a part of its John Deere FarmSight strategy, it will continue to develop and offer products and services to help customers improve the overall performance of their farming operations, including the current in-field moisture and climate sensing technology, John Deere Field Connect.
For more information, visit John Deere at www.JohnDeere.com.