Agricultural and construction equipment manufacturer Deere & Co. plans to expand its operations in Russia by early 2010 with the support of the Russian government, the company said on July 6.
The Moline, Ill.-based company's announcement comes on the eve of the Russia - USA Business Forum taking place in conjunction with summit meetings between Russian President Dmitry Medvedev and President Obama.
"We share the vision that Russia can make a significant and sustainable contribution to help meet the world's growing demand for food, energy, and forest products," said Samuel Allen, president and chief operating officer of Deere, who is representing the company at the forum and will meet with government officials and reporters in Moscow to discuss Deere's commitment to Russia. "Under the right market access conditions, John Deere anticipates significant investments in Russia. John Deere is working to expand its Russian manufacturing of agricultural equipment by early 2010. Ultimately, with the support of the government of the Russian Federation, Deere could envision a series of significant investments over the next five to seven years in expanded capacity for manufacturing and supporting all types of Deere equipment."
Allen, who will become Deere & Company CEO on August 1, said the company's investments will help Russia meet its goals of greater productivity in agriculture and forestry and improved infrastructure development.
Deere and its independent dealers employ nearly 2,000 people in Russia.