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 Saturday, Aug. 2, the 214th day of 2014. There are 151 days left in the year.
1864 -- 150 years ago: Because of the National Fast, no paper will be issued from this office tomorrow. 1889 -- 125 years ago: Attracting considerable attention is a sunflower stalk 15 feet high and still growing in the yard of Dr. C. Speidel on 23rd Street in Rock Island. 1914 -- 100 years ago: The municipal bathing beach proposition came up again at the city commission's meeting and a proposition passed, provided that a locker room be constructed at the foot of 7th Street for the accommodation of the bathers. 1939 -- 75 years ago: Plans for erecting a $14,000 warehouse to replace the frame structure at the rear of the Augustana Book Concern were announced. 1964 -- 50 years ago: Hours for tours of the new Deere & Co. Administrative Center on John Deere Road will be changed, effective Monday. 1989 -- 25 years ago: Tuesday night at the Great Mississippi Valley Fair in Davenport the Nitty Gritty Dirt Band gave its fans more than they possibly could have expected. The band took the stage at 9:07 p.m. and didn't leave until 10:40.