- Deere & Company (NYSE:DE) has agreed with Hitachi Ltd.’s (OTC:HTHIY) Hitachi Construction Machinery to end the Deere-Hitachi joint venture manufacturing and marketing agreements.
- The companies will enter into new license and supply agreements, with changes to effect on Feb. 28, 2022. The financial terms of the deal were not disclosed.
- John Deere will acquire the Deere-Hitachi joint-venture factories in Kernersville, NC; Indaiatuba, Brazil; and Langley, British Columbia, Canada.
- John Deere will continue to manufacture Deere-branded construction and forestry excavators. These locations will discontinue the production of Hitachi-branded excavators.
- John Deere’s marketing arrangement for Hitachi-branded construction excavators and mining equipment in the Americas will end. Hitachi will assume distribution and support for these products.
- Price Action: DE shares are trading lower by 4.16% at $356.145 on the last check Thursday.
Earnings Scheduled For December 28, 2021
Companies Reporting After The Bell
• Cal-Maine Foods (NASDAQ:CALM) is expected to report quarterly earnings at $0.27 per share on revenue of $390.20 million.
This article was generated by Benzinga's automated content engine and reviewed by an editor.
