Deere to Sell Wind-Energy Biz for $900 Million
Equipment builder will emphasize “core” market; Exelon grows alternative-energy asset base
Agricultural equipment builder Deere & Co. has a definitive agreement to sell its John Deere Renewables, LLC subsidiary to Exelon Generation Co. LLC, an Exelon Corp. subsidiary, for $900 million. In February Deere announced it aimed to sell the wind-energy business. The sale should be completed before the end of this year, according to Deere’s statement.
John Deere Renewables includes 36 wind-energy operations in eight states with operational capacity of 735 megawatts. A number of other wind-energy projects are in development.
"As Deere sharpens its own strategic focus, we have concluded that the company's resources are best invested in growing our core equipment businesses around the world," stated Deere & Co. chairman and CEO Samuel R. Allen. "We have chosen to place the wind portfolio with Exelon in part due to its demonstrated leadership in the energy industry."
I think this is a big deal, and interesting. You can read the full article here AmericanMachinist.com