MOLINE, Ill. (AP) — Deere & Co., one of the world's largest farm equipment makers, said Monday it completed its acquisition of China's Ningbo Benye Tractor & Automobile Manufacture Co. Ltd.
Financial terms were not disclosed.
The acquisition, originally announced in June, expands John Deere's product line for Chinese farmers and boosts the company's capacity to produce low horsepower tractors, the company said.
In China, Deere currently builds tractors in the 60 to 120 horsepower range at a joint-venture factory in Tianjin, while Benye mainly builds tractors in the 20 to 50 horsepower range, Deere said.
Deere shares fell 28 cents to $129.98 in morning trading.
