Shares of Deere advance following plant expansion announcements
MOLINE, Ill. (AP) -- Shares of Deere & Co. rose 4.5 percent Thursday following two announcements by the agricultural equipment maker that it will invest nearly $180 million to expand plants in the United States and Brazil.
Deere, citing rising global demand for its tractors and other farm machinery, said it will invest $97 million to expand high-horsepower tractor manufacturing capacity by about 40 percent at its plant in Waterloo, Iowa.
And Deere plans to invest about $80 million in agricultural manufacturing and parts distribution operations in Brazil. The increased spending is intended to boost manufacturing capacity for tractors and combines and improve service to customers.
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