Farm equipment producer John Deere announced recently that is has agreed to sell its wind energy business to Exelon Generation Company, which is a subsidiary of Exelon Corporation.
Deere chairman and chief executive officer Samuel Allen said that the company is trying to focus its business strategy on investing in its globally based equipment business. John Deere Renewables has 36 completed installations in eight states and boasts a 735-megawatt capacity.
"We have chosen to place the wind portfolio with Exelon in part due to its demonstrated leadership in the energy industry," Allen said.
The company expects the transaction with Exelon to be finalized by the end of this year. Meanwhile, John Deere also announced that it is offering a variety of new product lines, including new tractors, seeders and precision agriculture equipment.
John Deere is also expanding its business capabilities around the globe while reinvesting in facilities located in the U.S. That includes improvements slated for a foundry located in Waterloo, Iowa, which could help that area see an increase in jobs.