UPDATE: Deere Landscape announced it will spend $800 million this year to upgrade its acreage and expand its workforce.
The company said the expansion will include new, modern facilities for its tractors, trailers, and other equipment.
The new expansion will be in the vicinity of its existing facilities in Iowa and Kansas.
It’s part of an $800-million upgrade program that will add to the company’s workforce.
In 2018, the company added 1,500 jobs and created 1,600 construction jobs.
The next fiscal year will bring a total of more than 1,300 jobs.
DEERE, the nation’s largest construction company, announced Tuesday that it would spend more than $800,000 this year on new construction and upgrades to its Iowa and Kentucky plant facilities.
The upgrades will be done in conjunction with a $1 billion investment plan the company has already outlined, Deere said.
It said the new upgrades will add 1,250 jobs to the plant and 1 to 1.5 million total square feet of new construction to the plants.
The companies plans call for the upgrade to begin in 2020.
Deere’s workforce will grow by 1,400 to 2,100 employees, Deering said.
DeERE said its Iowa plant will be built at an estimated cost of $1,500 million.
The expansion will add jobs of up to 800 to 1 of the 1,150 construction workers.
The rest of the workers will be shifted to other plants.
Deering, which was acquired by United Technologies Corp. in 2009 for $1 in cash, plans to build its new Kentucky plant in the fall of 2020 and will add up to 750 new jobs.
In addition to the new facilities, the expansion of the company will include upgrades to the existing facilities at Iowa and in the southern part of the state, Deerenews website said.
The upgrade to Kentucky will create the world’s largest tractor and trailer manufacturing facility, Deermanews said.
For years, the region has been plagued by the impact of droughts and other weather events.
The drought in the mid-1980s and the subsequent economic downturn have made it more difficult for businesses to attract and retain workers.
DEERING DEERE is a subsidiary of United Technologies, which acquired the United States’ largest tractor-trailer maker in 2009.
The United Technologies deal has left Deere reeling.
Deerenew has been one of the most profitable companies in the United State, earning a record $2.8 billion in 2018, according to a recent report by the Economic Policy Institute, a nonpartisan research group.
The Dow Jones Industrial Average has gained about 500 points since last year, the most since 2007.
The stock has gained 6% this year, according, to the Dow Jones, beating the S&P 500.
Deerings stock price has also been on the rise this year.
The shares of the firm rose 3% to $19.98.