DGAP-News: Wacker Neuson SE: Wacker Neuson strengthens Americas business through long-term agreement with John Deere for mini and compact excavatorsEQS
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DGAP-News: Wacker Neuson SE
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Wacker Neuson strengthens Americas business through long-term agreement with John Deere for mini and compact excavators
Munich, June 14, 2022 – The Wacker Neuson Group and John Deere Construction & Forestry Company, a subsidiary of Deere & Company, USA, a global leader in the delivery of agricultural, construction and forestry equipment, have reached an agreement for mini and compact excavators.
The long-term exclusive OEM supply agreement covers mini and compact excavators weighing less than 5 metric tons, including battery electric excavators. Wacker Neuson will design and manufacture the machines at its facilities in Menomonee Falls, USA, as well as Linz, Austria for the requirements of John Deere mainly for North America. The excavators will be distributed under the John Deere brand via John Deere’s global dealer network. The companies plan a phased introduction of models. All Wacker Neuson models in the same product range, will continue to be distributed under the Wacker Neuson brand through Wacker Neuson’s own distribution network.
Wacker Neuson management is confident that this agreement will substantially accelerate the Group’s profitable growth trajectory in the medium term. It does not, however, expect significant contributions to sales and earnings within the next three to four years. The Wacker Neuson Group plans to invest an amount in the low double-digit million euro range to expand production capacity accordingly.
The agreement also covers a technical collaboration between John Deere and Wacker Neuson in relation to 5-9 metric ton excavators. John Deere will purchase and incorporate design and technical IP provided by Wacker Neuson, adapting and evolving it to meet its own manufacturing and innovation requirements. These models will be produced and launched on the market exclusively by John Deere, while Wacker Neuson will independently continue to develop, produce and distribute its own 5-9 metric ton excavators under its own brand.
“We are very much looking forward to adding another layer to our growth strategy through this OEM agreement with John Deere for mini and compact excavators. Our relationship with John Deere has been a successful collaboration that spans many years in both the agricultural and construction sectors. Our product and manufacturing excellence complements John Deere’s established market reach in North America to open up outstanding business opportunities in the attractive mini and compact excavator market segment,” explains Dr. Karl Tragl, Chairman of the Executive Board and CEO of the Wacker Neuson Group.
“This agreement with John Deere ideally complements our growth strategy in Americas. We already offer our customers excellent products under the Wacker Neuson brand and we will continue to place a strong focus on expanding our product portfolio for the North American market in the future. The cooperation with John Deere opens up additional sales channels for our high-quality mini and compact excavators,” adds Gert Reichetseder, President & CEO North America at Wacker Neuson.
About the Wacker Neuson Group:
The Wacker Neuson Group is an international network of companies, employing around 6,000 people worldwide. In fiscal 2021, the Group achieved revenue of EUR 1.87 billion. As a leading manufacturer of light and compact equipment, the Group offers its customers a broad portfolio of products, a wide range of services and an efficient spare parts service. Wacker Neuson Group is the partner of choice among professional users in construction, gardening, landscaping and agriculture, as well as among municipal bodies and companies in industries such as recycling and rail transport. The product brands Wacker Neuson, Kramer and Weidemann belong to the Group. Wacker Neuson SE shares are listed on the regulated Prime Standard segment of the Frankfurt Stock Exchange (ISIN: DE000WACK012, WKN: WACK01) and the SDAX index of the German stock exchange.
14.06.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Wacker Neuson SE|
|Phone:||+49 - (0)89 - 354 02 - 0|
|Fax:||+49 (0)89 354 02 - 298|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1375577|
|End of News||DGAP News Service|