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Green Fun Store News

Wind operations from John Deere being sold to energy company

Posted by Green Fun Store on 8/31/2010
John Deere's plan to deal with a more difficult economy has included refocusing its power on its equipment lines.

As a part of that, the company said it has signed an agreement with Exelon Corporation involving the former's wind business. John Deere Renewables should be handed over by the end of the year, provided the sale meets regulatory scrutiny.

"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," said John Deere chairman and chief executive officer Samuel Allen.

In all, the sale involves 36 finished projects located in eight states, along with other ongoing developments. The company's energy production was reported at 735 megawatts.

John Deere recently reported its third-quarter earnings, which showed that income increased 47 percent while net sales were up 16 percent.

The first nine months of the year have seen sales increase 6 percent and reach $18.8 billion. Net income for the third quarter was reported at $617 million.ADNFCR-3425-ID-19934108-ADNFCR