Deere to sell majority interest in landscapes business


Share
Posted Online: Oct. 28, 2013, 11:48 am
Comment on this story | Print this story | Email this story
MOLINE -- Deere & Company is selling a majority interest in its landscapes business to private equity investment firm Clayton, Dubilier & Rice, LLC, Deere announced Monday morning.

John Deere Landscapes is a part of Deere's agriculture and turf segment. As a result of the sale, Deere will get approximately $300 million in cash and will initially retain a 40 percent equity interest in the business.

"This partial sale allows Deere an opportunity to remain as part of a successful landscapes distribution business," said James Field, president of Deere's Worldwide Agriculture & Turf Division.

"At the same time, Deere will continue to increase its own strategic focus on the global growth businesses in agriculture and construction and the complementary businesses in turf and forestry," he said.

Deere formed the landscape business in 2001 when it purchased and merged two companies that sold wholesale landscape supplies and irrigation products. Two other acquisitions were later added. John Deere Landscapes is now one of the largest U.S. wholesale suppliers of turf and ornamental agronomics, irrigation, outdoor lighting, nursery, and landscape materials. It has more than 2,000 employees at approximately 400 locations in 41 states.


Mr. Field said Deere recognized CD&R's broad experience and successful record in distribution businesses and the firm's longevity and experience in private equity.



















 



Local events heading








  Today is Friday, April 25, the 115th day of 2014. There are 250 days left in the year.

1864 — 150 years ago: Never in the history of Rock Island was there such a demand for houses as at present. Our city is suffering for the want of suitable tenement houses.

1889 — 125 years ago: The choir of Central Presbyterian Church presented a ladies concert under the direction of S.T. Bowlby.

1914 — 100 years ago: Miss Rosella Benson was elected president of the Standard Bearers of Spencer Memorial Methodist Church.

1939 — 75 years ago: Mrs. Nell Clapper was elected president of the Rock Island Business and Professional Women's Club.

1964 — 50 years ago: Gerald Hickman, of Seattle, Wash, will move his family to Rock Island to assume the position of produce buyer for the Eagle Food Center chain of food stores. This announcement was made today by Bernard Weindruch, president of Eagles.

1989 — 25 years ago: Care & Share, formed in 1984 to provide food to jobless and needy Quad-Citians, will disband because the major part of a crisis created by plant closings is over. Food for the needy is still necessary. So groups separately will continue to raise money and collect food.




(More History)