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Deere sells stake in landscape sector

Published: Tuesday, Oct. 29, 2013 1:15 a.m. CST

MOLINE (AP) – Farm and construction gear maker Deere & Co. says it reached a deal to sell a majority interest in its landscapes business to Clayton, Dubilier & Rice, a private equity firm, for $300 million.

The deal leaves Deere with a 40 percent stake in the business.

The landscapes business has been part of the company’s agriculture and turf segment. It formed the business in 2001 after buying and merging two companies that sold wholesale landscape supplies and irrigation products.

The unit employs about 2,000 people at 400 locations in 41 states.

Deere shares rose 10 cents to $83.65 in morning trading.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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