Quad City-based Deere and Company is growing into a new industry. Deere plans to buy Richton International Corporation, a New York-based irrigation equipment business, for 125-million dollars. Deere spokesman Ken Golden says the new division will be named John Deere Landscapes.Golden says Deere bought McGinnis Farms Incorporated in January, which will be combined with Richton International to form the new John Deere Landscapes. He says the new company will offer a full line of products nationwide in an industry where there hasn’t traditionally been a leader.Richton is about 80-percent irrigation equipment and 20-percent computer-related services and products. Golden says Deere hasn’t determined “what to do with” that 20-percent of the company yet.The deal still has to be approved by Richton’s shareholders. Deere is paying 125-million dollars for the company, which has annual sales of 200-million. One of Iowa’s largest employers, Deere is already a world leader in making equipment for lawn care, farms and construction.
Iowa's Radio News Network
