Benzinga | Dec 14, 2021 03:48PM EST

Deere To Take Majority Stake In Austria's Kreisel Electric For Undisclosed Sum

* Deere & Company (NYSE:DE) has agreed to acquire majority ownership in Kreisel Electric, Inc., an Austria-based battery technology provider, for undisclosed financial terms.

* This investment provides John Deere with optimal integration to efficiently design vehicles and powertrains around superior immersion-cooled, high-density battery technology while leveraging Kreisel's charging technology to build out the infrastructure required for customer adoption.

* Kreisel, founded by brothers Johann, Markus, and Philipp Kreisel, has approximately 160 full-time employees.

* Kreisel Electric will retain its employees, brand name, and trademark and continue to operate from its current location in Austria.

* Kreisel develops high-density, high-durability electric battery modules and packs. It has developed a charging infrastructure platform, CHIMERO.

* Deere expects to close the deal in approximately 60 days.

* Deere held $8.2 billion in cash and equivalents as of October 31, 2021.

* Price Action: DE shares are trading lower by 0.53% at $349.56 on the last check Tuesday.