Deere & Co. To Acquire Majority Ownership In Kreisel Electric; Terms Undisclosed

(RTTNews) - Deere & Co. (DE) agreed to acquire majority ownership in Kreisel Electric, Inc., a battery technology provider based in Rainbach im Mühlkreis, Austria. Financial details are not being disclosed.

Kreisel Electric will retain its employees, brand name, and trademark, and continue to operate from its current location in Austria to serve its growing customer base. The company was founded by brothers Johann, Markus, and Philipp Kreisel, and has approximately 160 full-time employees.

The transaction requires final regulatory approval in Austria, with closing expected to take place in approximately 60 days.