John Deere this week reiterated that it would spend billions on its U.S. operations in the coming years — and refuted a report that it would freeze its domestic manufacturing.
The report, first published on Style on Main, suggested that the ag equipment and machinery giant would freeze U.S. production in an “unprecedented shutdown.”
A statement issued by the company Thursday apparently sought to make everyone thaw the heck out, bluntly titling the piece, “Myth Busted: John Deere is NOT Freezing U.S. Manufacturing.”
The company said it wants to “clear the air,” and that it’s not shutting down U.S. manufacturing. Rather, John Deere — as announced in its most recent earnings report — is committing some $20 billion to domestic production over the next 10 years.
“Our commitment to delivering value for our customers includes ongoing investment in advanced products, solutions and manufacturing capabilities,” Deere CEO John May said in the statement.
The company operates some 60 U.S. facilities and has more than 30,000 employees.
“Over the next decade, we will continue to make significant investments in our core U.S. market,” May added. “This underscores our dedication to innovation and growth while staying cost-competitive in a global market.”
According to May, nearly 80% of Deere’s U.S. sales and 25% of the company’s international sales stem from domestically-made products.
John Deere, according to a company fact sheet, has already invested some $100 million in U.S. factories this year, including a 120,000-square-foot addition in Missouri, additional expansion in Greeneville, Tennessee, a new excavator factory being built in Kernersville, North Carolina, and new assembly lines being installed in Waterloo, Iowa to build the 9RX tractor.
John Deere has been in acquisition mode recently. In late May, the company bought Sentera, a company that makes drone cameras. It’s the latest move by the company to further solidify its lead as an agricultural tech provider, helping farmers make more informed operational decisions.