As farms in Brazil become larger in size, Deere & Co. announced that it plans to invest $40 million to upgrade its factory in Montenegro, Brazil in order to produce its line of 8R tractors to meet demand in that country for higher horsepower tractors. Once produced the 8R tractor will be eligible for FINAME financing – the public program that invests in Brazil’s economic development and which lowers the interest rate at which growers can borrow money for equipment. The factory upgrade will not increase the size of the facility but will realign the assembly line to add the 8R Series into production by late fall 2015.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free bi-weekly enhanced eNews service