John Deere closes Nortrax asset sale |
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Published
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Fri, 28 Sep 2007 23:52
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HOUSTON (AP) - John Deere & Co. and Leslie Doggett Equipment Services Group have closed the sale of John Deere's construction equipment dealerships in Louisiana and East Texas for $103 million, the companies said Friday.Doggett approached John Deere seeking to buy its Nortrax South businesses in June 2006, and Deere approved the transaction earlier this year.The acquisition will more than double Doggett's annual sales and give it the exclusive right to sell John Deere Construction and Forestry Equipment and Hitachi Heavy Construction Equipment in Louisiana and east Texas through 11 dealerships.Doggett plans to expand Nortrax South's construction equipment rentals and mechanical support services for oil field-related construction, infrastructure improvements and Hurricane Katrina rebuilding in Louisiana.John Deere shares closed up $1.03 at $148.42.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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