Agricultural products maker Deere & Company (DE) Tuesday said it has made a conditional offer to acquire certain assets and customer relationships of BHC Manufacturing for undisclosed terms. Deere said it expects completing due diligence in the second quarter of its 2010 fiscal year, and the offer is contingent upon the satisfactory completion of due diligence.
Located near Beit Hashita, Israel and employing around 110 people, BHC manufactures and supplies cotton picker repair parts for all makes of equipment. With the acquisition, Deere expects to expand its products and services in its cotton picker business.
Commenting on the acquisition, president of Agriculture & Turf division of Deere, Mark Pentz said, "By combining the manufacturing assets of BHC with Deere's existing manufacturing capacity, John Deere will have improved capability, efficiency, and geographic reach to satisfy customer needs."
DE is currently trading on the Nasdaq at $53.70 per share up $0.44 or 0.56%. In the past 52-week period, the shares have been trading in a range of $24.51 to $55.40.
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