The loan is part of the European Investment Bank’s broader financial support for innovation and to promote long-term investment in low emission and fuel efficient engine technology across the European transport and engine sector.

Matthias Kollatz-Ahnen, European Investment Bank Vice President, said, ‘The European Investment Bank is pleased to support cutting-edge research and development at John Deere plants in Mannheim and Zweibruecken and Saran.’

Kollatz-Ahnen added, ‘Designing new models of low-emission engines and more fuel-efficient agricultural vehicles will also develop new skills and innovation among employees across the company’s European operations.’

The European Investment Bank loan represents a portion of John Deere’s ongoing European investments in research and development, including initiatives that are focused on improving the environmental impact of machinery.

‘Deere’s strong position as a global leader provides opportunities to access capital markets for important initiatives around the world,’ said James Davlin, vice president and treasurer at Deere & Company.

‘Our R&D initiatives will strengthen John Deere’s position as an innovation leader in agricultural machines; engines; farming and harvesting technology; safety; and GPS-based precision farming. This work is a testament to the skills and capabilities of our European workforce and demonstrates the scale of our commitment to Europe,’ commented James Davlin, vice president and treasurer at Deere & Company.

The project will benefit existing research employment and enhance cooperation with specialised agricultural research institutions. The loan borrower is John Deere Cash Management, a wholly-owned subsidiary of Deere & Company.