Deere & Co., the world's largest agricultural-equipment maker, said Monday it's prepared to significantly expand its farm, forestry and construction operations in Russia "under the right market access conditions."
The Moline-based company is working to expand its agricultural-equipment manufacturing operations in Russia by early 2010, Deere's president and chief operating officer, Samuel Allen, said in a statement. Allen will become Deere's CEO on Aug. 1.
Deere issued the statement ahead of a Russia-U.S. business forum held in conjunction with summit meetings between Russian President Dmitry Medvedev and U.S. President Obama in Moscow.
Also on Monday, soft drink and snack maker PepsiCo Inc. announced plans to boost its investment in Russia, continuing a trend of consumer companies seeking growth in emerging markets as their U.S. sales soften.
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With its largest bottler, Pepsi Bottling Group Inc., PepsiCo plans to invest another $1 billion in Russia over three years.