The FINANCIAL — The European Investment Bank has agreed to support research and development at John Deere plants in Germany and France, including initiatives to lower emissions from agricultural equipment.
According to EIB, the loan is part of the European Investment Bank's broader financial support for innovation and to promote long-term investment in low emission and fuel efficient engine technology across the European transport and engine sector.
“The European Investment Bank is pleased to support cutting-edge research and development at John Deere plants in Mannheim and Zweibruecken, Germany as well as Saran, France. Designing new models of low-emission engines and more fuel-efficient agricultural vehicles will also develop new skills and innovation among employees across the company’s European operations," said European Investment Bank Vice President Matthias Kollatz-Ahnen.
The European Investment Bank loan represents a portion of John Deere’s ongoing European investments in research and development, including initiatives that are focused on improving the environmental impact of machinery.
“Deere’s strong position as a global leader provides opportunities to access capital markets for important initiatives around the world,” said James Davlin, vice president and treasurer at Deere & Company. “Our R&D initiatives will strengthen John Deere’s position as an innovation leader in agricultural machines; engines; farming and harvesting technology; safety; and GPS-based precision farming. This work is a testament to the skills and capabilities of our European workforce and demonstrates the scale of our commitment to Europe.”
Research and development activities covered by the loan form part of John Deere’s innovation programme from 2009-2012. The project will benefit existing research employment and enhance cooperation with specialised agricultural research institutions. The loan borrower is John Deere Cash Management, a wholly-owned subsidiary of Deere & Company.