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Deere to boost investments in precision agriculture business

Deere & Co. said it plans to enhance its investments in its precision agriculture unit in 2020, while reducing costs.

The U.S. agricultural machinery maker also plans to allocate more capital for low-performing products, aftermarket, retrofit market, and research and development.

The company expects to increase its operating profit margin to 15% by 2022 from 12.5% in 2020, CEO John May told investors.

Deere has forecast a 5% decline in sales of farm equipment in the U.S. and Canada markets. It recently projected a profit decline in fiscal 2020 due to persisting trade tensions between the U.S. and China.

Net income attributable to Deere for fiscal 2020 is expected to come in between $2.7 billion and $3.1 billion, a decrease from $3.25 billion in the fiscal year that ended Nov. 3, 2019.