Deere buys half of Chinese company

MOLINE -- Deere & Co. Friday announced it will expand its construction presence in China by buying 50 percent of Xuzhou Xuwa Excavator Machinery Co. Ltd. The companies are seeking approval of the transaction by the Chinese government. Terms of the joint venture were not disclosed. XCG, said Moline-based Deere, is the third largest domestic excavator manufacturer in China with dealers covering all but two provinces of the Chinese market.