John Deere Acquires Majority Ownership in Kreisel Electric
Deere & Company (NYSE: DE) has completed its acquisition of a majority stake in Kreisel Electric Inc., noted for its advanced immersion-cooled battery technology.
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Rhea-AI Summary
Deere & Company (NYSE: DE) has completed its acquisition of a majority stake in Kreisel Electric Inc., noted for its advanced immersion-cooled battery technology. This strategic move, announced in December 2021, is expected to enhance Deere's capabilities in high-density electric battery modules and charging infrastructure. Kreisel Electric, based in Austria, continues to operate under its brand, employing around 180 people. This acquisition aligns with Deere’s commitment to innovation in agriculture and construction sectors.
Positive
- Acquisition of majority stake in Kreisel Electric enhances battery technology capabilities.
- Strengthens Deere's position in high-performance and off-highway applications.
Negative
- None.
Details
News Market Reaction – DE
The recorded move for DE in the trading session of this news was +4.75%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MOLINE, Ill., Feb. 8, 2022 /PRNewswire/ -- Deere & Company (NYSE: DE) has acquired majority ownership in Kreisel Electric Inc., a leading pioneer in the development of immersion-cooled battery technology. The Austrian company manufactures high-density, high-durability electric battery modules and packs for high-performance and off-highway applications and has created a battery-buffered, high-powered charging infrastructure platform (CHIMERO).
This transaction was announced in December 2021 and is now complete, following regulatory approval.
Kreisel Electric (www.Kreiselelectric.com) is based in Rainbach im Mühlkreis, Austria. The company was founded in 2014 and has approximately 180 full-time employees. The business will retain its brand name and trademark.
About Deere & Company
Deere & Company (www.JohnDeere.com) is a world leader in providing advanced products, technology, and services for customers whose work is revolutionizing agriculture and construction — those who cultivate, harvest, transform, enrich, and build upon the land to meet the world's increasing need for food, fuel, shelter, and infrastructure.
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SOURCE Deere & Company
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