Deere & Co. announced Friday that it has completed its acquisition of Wirtgen Group, a worldwide manufacturer of road construction equipment.
The Moline-based Deere first announced plans in June to purchase the international privately held Wirtgen, headquartered in Windhagen, Germany. Deere said it was paying $4.9 billion in a deal valued at $5.2 billion, including assumption of net debt.
"The Wirtgen Group will enhance the size, scale and stature of our construction equipment business and will help Deere continue its global growth," Deere Chairman and CEO Samuel Allen said in a news release.
The Wirtgen Group has a global footprint of about 8,200 employees and sells products in more than 100 countries through a large network of company-owned and independent dealers.
With a product portfolio complementary to Deere’s existing construction equipment offering, the acquisition positions Deere as the industry leader in global road construction equipment. Wirtgen Group's brands cross the entire road construction sector spanning milling, processing, mixing, paving, compaction and rehabilitation.
The acquisition marked the largest in Deere's history.
— Times Staff