Farm and construction equipment maker Deere (NYSE:DE) said Thursday it will double its manufacturing space at its facility near Moscow in an effort to expand in Russia and add new products to its portfolio.
The announcement, made by Deere CEO Sam Allen, occurred during a trip with Vice President Joe Biden and other U.S. CEOs to the American Chamber of Commerce’s 11th annual investment conference in Russia.
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“Russia can make a significant and sustainable contribution to help meet the world's growing demand for food, energy, and forest products,” Allen said. “These investments enhance our ability to serve customers in Russia, the Commonwealth of Independent States, and in other nearby markets.”
Products to be added during the Domodedovo facility’s expansion include log forwarders, which are widely used in the Russian forestry industry.
Deere also plans on establishing a leasing company in the country in an effort to provide retail financing solutions to its Russian customers.