Deere buys Cleveland company
Deere & Co. has announced it is buying a Cleveland-based supplier of fertilizer, seed and chemicals for lawn and golf course maintenance, the Associated Press reported.
Deere is paying $135 million, or $14.50 per share, for Lesco Inc., which will become part of John Deere Landscapes, doubling the number of its stores by adding 332 Lesco locations. The price is a $4 premium over Lesco’s closing stock price on Friday.
With approval by both Lesco shareholders and regulators, the deal is expected to close by the end of June. Lesco’s board of directors has recommended shareholder approval.
Deere said by adding Lesco to its 287-branch landscaping business, it will add new products and expand its customer base.
Shares of Deere closed Friday at $113.93 on the New York Stock Exchange, near its 52-week high of $114.29. The 52-week low was $66.90.