Deere & Company announced today it will review strategic options for its irrigation operations known as John Deere Water and has retained Bank of America Merrill Lynch as exclusive financial advisor to assist in the initiative. Deere said no formal decisions have been made and no agreements have been reached concerning the company's irrigation operations.
Deere noted that effective water management remains an important part of agriculture worldwide. The company will continue to develop and offer products and services to help customers better manage agronomic activities in the field.
While Deere will assess strategic options for its irrigation operations, it remains committed to further enhancing products such as its in-field moisture sensing and climate monitoring system known as John Deere Field ConnectTM - one of several elements in the company's John Deere FarmSightTM strategy.
Deere has been involved in the production of irrigation products for the past seven years. John Deere Water is currently one of the world's largest full-line drip irrigation manufacturers with global operations and significant distribution in North and South America, Asia, Europe and Africa.
Deere & Company (NYSE:DE) is committed to the success of customers whose work is linked to the land, providing advanced products and services to cultivate, harvest, transform, enrich and build upon the land to meet the world's dramatically increasing need for food, fuel, shelter and infrastructure. For more information, visit John Deere at www.JohnDeere.com.