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Deere announces acquisition of King Agro

Deere & Co. said it agreed to acquire King Agro, a privately held carbon fiber technology products manufacturer.

The two companies have a history of collaboration on farm equipment. In 2015, they teamed up to develop and distribute carbon fiber booms used in self-propelled sprayers.

King Agro, which employs 180 workers at its headquarters in Spain and a production facility in Argentina, will retain its brand name, commercial relationships and trademark, Deere said in a statement.

Financial terms were not disclosed.