It isn’t exactly beating swords into plowshares, but Iowa-made tractors will soon be shipped to the nation President Reagan once called the evil empire. Quad Cities-based John Deere is entering into a credit agreement with a Russian lender to lease 25-million dollars worth of agricultural equipment to Russian farmers. Deere spokesman Ken Golden says this is a landmark move for Deere to enter the large Russian farm market. Golden says “This is very important for employees in Waterloo, Iowa, and the Quad Cities that build farm equipment that the Russian farmers want and they really need it over there.” The arrangement is with Rosagroleasing of the Russian Federation. Golden says the agreement enables Deere to supply equipment, including high-horsepower tractors, implements, seeding equipment and combines, to customers throughout Russia with loans of up to five years.He says Deere has been working very hard to grow globally, to make sure the company’s products are known by farmers around the world, not just in North America. Golden says the deal with Russia’s Rosagroleasing represents a tremendous opportunity for Deere — and an opportunity for Russian farmers to update their aging agricultural fleets and increase their productivity. While it’s not an immediate sale of 25-million dollars in equipment, Golden says the agreement provides the capability of Russian farmers to lease top-quality agricultural equipment through their local agency. He says this is the first time Rosagroleasing has borrowed money for the purchase of foreign-made agricultural equipment, reflecting improvements in the Russian economy and the country’s enthusiasm for Deere equipment.
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