Deere & Company (NYSE:DE) and King Agro, a manufacturer of carbon fiber technology products, announced a partnership focused on developing and distributing carbon fiber booms exclusively for John Deere application equipment.
Deere is collaborating with King Agro because of its extensive 22-year experience innovating and developing carbon fiber applications. King Agro is a world leader in producing carbon fiber applications for boating and marine products, including masts for racing sailboats. The company has expanded into developing innovative carbon fiber structures for agricultural equipment.
“We believe our collaboration with King Agro demonstrates Deere’s commitment to this innovative technology,” says Aaron Wetzel, vice president, Crop Care Platform, John Deere. “By integrating carbon fiber technology into our products, we can offer solutions to help growers improve productivity.”
The agreement between Deere and King Agro is focused on offering growers the significant advantages of carbon fiber’s versatility, strength and durability integrated into self-propelled spraying equipment. Compared to traditional sprayer booms, carbon fiber booms’ reduced weight can also lower equipment induced soil compaction.
“We believe carbon fiber is the key to innovation and progress in agricultural machinery industry in the next decade,” says Guillermo Mariani, CEO King Agro. “John Deere’s commitment to innovation and excellence in their products is a perfect match for King Agro’s experience in carbon fiber.”
John Deere will offer its 2016 model of the 4730 Sprayer with the option of carbon fiber booms exclusively to the South American and Latin American market. Deere is exploring selling carbon fiber product solutions in other markets in the future. (Original Source)
Shares of Deere & Company closed yesterday at $92.6 . DE has a 1-year high of $94.88 and a 1-year low of $78.88. The stock’s 50-day moving average is $91.58 and its 200-day moving average is $89.04.
On the ratings front, Deere & Company has been the subject of a number of recent research reports. In a report issued on May 22, Standard & Poor’s analyst Jim Corridore reiterated a Sell rating on DE. Separately, on the same day, Merrill Lynch’s Ross Gilardi upgraded the stock to Hold .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jim Corridore and Ross Gilardi have a total average return of 13.3% and -0.6% respectively. Corridore has a success rate of 64.4% and is ranked #595 out of 3635 analysts, while Gilardi has a success rate of 42.9% and is ranked #2797.
Deere & Company operates in three business segments: agriculture/ turf, construction/forestry, & financial services. The company helps customers to be more productive as they help to improve the quality of life for people around the world.