Deere (NYSE: DE ) is making a move away from the turf and irrigation business. The company announced it is selling a majority stake in its John Deere Landscapes unit to private equity concern Clayton, Dubilier & Rice for $300 million. Deere will retain a 40% position in the business for the time being.
The landscapes division specializes in the wholesale supply of a variety of outdoor products, including turf, lighting, nursery goods, and materials for irrigation. It was formed in 2001 when Deere bought and merged two companies involved in the sector.
The divestment is part of Deere's continued efforts to narrow its business to the company's historical core in agricultural and construction machinery.
At the moment, John Deere Landscapes has over 2,000 employees in 400 locations in 41 states.