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29. August 2007

Deere & Company Completes Acquisition of Chinese Tractor Company

Deere & Company announced today that it has completed its acquisition of the Ningbo Benye Tractor & Automobile Manufacture Co. Ltd. business, located in Ningbo in southern China. In June, Deere announced it had signed a definitive agreement to purchase Benye.

The acquisition expands John Deere's product line for Chinese farmers and enhances the company's worldwide capacity to produce low horsepower tractors. In China, Deere currently builds tractors in the 60 to 120 horsepower range at a joint venture tractor factory in Tianjin while Benye mainly builds tractors in the 20 to 50 horsepower range.

Benye is the largest tractor manufacturer in southern China and currently receives 95 percent of its revenue from sales within China, although it has exported to 70 countries worldwide. Deere expects to leverage Benye's product range and manufacturing capacity for sales in China and into other Asian, African, and Commonwealth of Independent States markets.

Deere has provided products and services to the China agricultural market since 1976 and has manufactured equipment in China since 1997. Currently, the company manufactures combines in Jiamusi and tractors in
Tianjin.

John Deere (Deere & Company - NYSE: DE) is the world's leading provider of advanced products and services for agriculture and forestry and a major provider of advanced products and services for construction, lawn and turf care, landscaping and irrigation. John Deere also provides financial services worldwide and manufactures and markets engines used in heavy equipment. Since it was founded in 1837, the company has extended its heritage of integrity, quality, commitment and innovation around the globe.

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