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Associated Press
Deere & Co. to Build Factory in Brazil
Wednesday October 13, 10:16 am ET
Deere & Co. to Spend $80 Million to Build New Farm Tractor Factory in Brazil


MOLINE, Ill. (AP) -- Agriculture equipment maker Deere & Co. on Wednesday said it will spend $80 million to build a new farm tractor factory in Montenegro, Rio Grande do Sul, Brazil, to supply the South American market.
Together with Deere's existing factory in Brazil -- which makes combines and planting equipment -- the company said it aims to position itself in Brazil's growing agriculture market, in which thousands of acres of plains are being moved into farm production each year.

The company said John Deere equipment from the Brazil facilities will continue to be exported to other markets. The new factory is expected to be in full production by the second half of 2006.

Deere started manufacturing tractors in Brazil in 1996, and has had a presence in the country since 1979.

Shares of Deere & Co. fell $2.15, or 3.5 percent, to $60.04 in early-morning trading on the New York Stock Exchange.
 
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