(RTTNews) - John Deere (DE) and Hitachi Construction Machinery have agreed to end the Deere-Hitachi joint venture manufacturing and marketing agreements. On Feb. 28, 2022, John Deere will acquire the Deere-Hitachi joint-venture factories in Kernersville, NC; Indaiatuba, Brazil; and Langley, British Columbia, Canada.
The companies will enter into new license and supply agreements, which will enable John Deere to continue to source, manufacture, and distribute the current lineup of Deere-branded excavators in the Americas.
John Deere and Hitachi stated their supply relationship in the early 1960s. In 1988, they started the Deere-Hitachi manufacturing joint venture to produce excavators in Kernersville, NC.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
