John Deere announces 7th manufacturing plant in China - KWWL - Eastern Iowa Breaking News, Weather, Closings

John Deere announces 7th manufacturing plant in China

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WATERLOO (KWWL) -

Deere & Company plans to invest $80 million in a new agricultural equipment manufacturing plant in China.

It's to help meet demand in the region. The new factory will build mid and large sized tractors, sprayers, planters and harvesting equipment. It will be Deere's seventh manufacturing plant in China.

The announcement came as Deer announced 2nd quarter profits soared to 65% on strong demand for equipment in the United States, Canada, and Brazil. Deere announced Wednesday revenue grew 25% to $8.9 billion

The company predicted that its fiscal 2011 sales will rise 21 - 23 % despite the $300 million sales lose from the Japanese tsunami.

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