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updated: 10/30/2013 12:41 PM

Deere sells stake in landscape business for $300 million

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Associated Press

Farm and construction gear maker Deere & Co. says it reached a deal to sell a majority interest in its landscapes business to Clayton, Dubilier & Rice, a private equity firm, for $300 million.

The deal leaves Deere with a 40 percent stake in the business.

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The landscapes business has been part of the company's agriculture and turf segment. It formed the business in 2001 after buying and merging two companies that sold wholesale landscape supplies and irrigation products.

The unit employs about 2,000 people at 400 locations in 41 states.

Moline-based Deere shares rose 10 cents to $83.65 in morning trading.

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