Deere agrees to sell majority stake in landscapes business

John Deere is selling a majority share of its landscape distribution business to private equity investment firm Clayton, Dubilier & Rice for about $300 million, according to these reports. The transaction will allow Deere to keep a 40% equity interest in the new company while focusing on turf, forestry and other industries, according to James Field, president of Deere's Worldwide Agriculture & Turf Division. Meanwhile, "Deere's ongoing equity ownership reflects its interest in remaining part of a successful landscapes distribution business," said David Werning, who will remain as John Deere Landscapes president after the deal.

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