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Deere (DE) Stock Rises on Monosem Acquisition

NEW YORK (TheStreet) -- Deere (DE - Get Report) stock is higher by 3.09% to $80.41 in late afternoon trading on Monday, after reaching an agreement to acquire Monosem, the European market's leader in "precision planters," which boost crop production.

The deal covers Monosem's four units in France and two in the U.S.

Deere will benefit from expanded market reach in precision planting equipment and further engineering expertise for developing planting technology, according to a statement.

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Financial details of the deal were not disclosed, but the companies hope to close the transaction in the fiscal 2016 first quarter that began on November 1, according to Reuters.

Manufacturers such as Deere, AGCO and CNH hope that customers will value precision farming capabilities as demand for machinery declines with the farming economy, Reuters adds. The...