Deere sells wind energy business, John Deere Renewables, to Exelon subsidiary for $900 million
By APTuesday, August 31, 2010
Deere sells wind energy business for $900M
MOLINE, Ill. — Deere & Co. is selling its wind energy business to a subsidiary of Exelon for $900 million.
The company said Tuesday that the sale of John Deere Renewables will allow it to focus on its core business of manufacturing farm equipment.
Deere said in February it was reviewing options for John Deere Renewables. It has invested $1 billion over the past five years in the financing, development and ownership of wind energy projects.
The business includes 36 completed projects in eight states with an operational capacity of 735 megawatts.
Deere will record a $25 million after-tax charge in the fourth-quarter. The sale was not reflected in the company’s $375 million fourth-quarter earnings estimate from earlier this month.
The deal is expected to close by the end of the year.
