It appears Deere & Co.
On Tuesday, the company said that it would sell its wind energy unit, John Deere Renewables, to Chicago-based power producer Exelon
The assets will be added to Exelon's 352 megawatts of wind power in three states. That capacity already makes Exelon the largest wholesale supplier of wind energy in the eastern half of the United States.
The transaction is expected to be completed in the fourth quarter, although Exelon has had a couple of unsuccessful efforts in recent years when plans to acquire NRG Energy
In announcing the acquisition, Exelon CEO John Rowe said, "Not only does this acquisition add value for Exelon shareholders, providing incremental earnings in 2012 and cash flows in 2013, but it also is one more way to implement a clean energy future."
But back to Deere. The announcement of the Renewables sale came shortly after the company reported a solid quarter that plowed under analysts' expectations. In doing so, it rounded out strong results from its two key competitors, CNH Global
While it once seemed that wind energy would fit nicely with Deere's agriculture-related operations, for my money, the narrowing of its strategic focus makes good sense, as does attention to the company by Foolish investors.
Fool contributor David Lee Smith doesn't own shares in any of the companies named in the above article. He does urge you to send along your comments or questions.
True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community.
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