Deere & Co. officials on Wednesday announced they have reached a definitive agreement to sell its irrigation operations to FIMI Opportunity Funds, the leading private equity firm in Israel.
After being involved in the production of irrigation products for seven years, Deere announced in September that it planned to seek strategic options for the irrigation operations known as John Deere Water.
The closing on the sale is expected in the second quarter of the 2014 calendar year. Terms of the sale are not being made public; BofA Merrill Lynch was the exclusive financial advisor to Deere for the strategic review.
While Deere is exiting the John Deere Water operations, the company noted that -- as a part of its John Deere FarmSight strategy -- it will continue to develop and offer products and services to help customers improve the overall performance of their farming operations, including John Deere Field Connect, in-field moisture and climate sensing technology.
John Deere Water is one of the world's largest full-line drip irrigation manufacturers, with significant distribution in North and South America, Asia, Europe and Africa. FIMI Opportunity Fund is Israel's largest and leading private equity fund, with more than $2 billion in invested capital.
Today is Tuesday, July 22, the 203rd day of 2014. There are 162 days left in the year.
1864 -- 150 years ago: Everybody is invited to go on a moonlight excursion next Monday evening on the steamer New Boston. The trip will be from Davenport to Muscatine and back. 1889 -- 125 years ago: The mayor and bridge committee let a contract to the Clinton Bridge company for a $1,125 iron bridge across Sears canal near Milan. 1914 -- 100 years ago: Injunction proceedings to compel the Central Association to keep a baseball team in Rock Island for the remainder of the season were contemplated by some of the Rock Island fans, but they decided to defer action. 1939 -- 75 years ago: The first of the new and more powerful diesel engines built for the Rock Island Lines for the proposed Chicago-Denver run, passed thru the Tri-Cities this morning. 1964 -- 50 years ago: The Rock Island Rescue Mission is negotiating for the purchase of the Prince Hall Masonic Home located at 37th Avenue and 5th Street, Rock Island. 1989 -- 25 years ago: Quad Cities Container Terminal is being lauded as a giant business boon that will save several days and hundreds of dollars on each goods shipment to the coasts. The Quad Cities Container Terminal is the final piece of the puzzle that opens up increase access to world markets, Robert Goldstein said.