Deere closes Lesco deal

By SCOTT SUTTELL

 

8:39 am, May 8, 2007

 

Deere & Co. (NYSE: DE) has completed its acquisition of Lesco Inc. (Nasdaq: LSCO), the Cleveland-based supplier of lawn care, landscape, golf course and pest control products.

 

The transaction closed late Monday. Moline, Ill.-based Deere last February agreed to buy Lesco for $14.50 a share, or about $135 million.

 

Lesco will become part of John Deere Landscapes, a wholesale distributor of irrigation, nursery, lighting and landscape materials in the United States. Deere said the transaction roughly doubles the number of store locations for John Deere Landscapes with the addition of Lesco's 345 stores and 114 Stores-on-Wheels.

 

In a statement, Deere said the deal “will significantly increase the volume of consumable products sold by John Deere Landscapes; will expand the customer base for both Lesco and John Deere Landscapes products and services; and will complement John Deere's work in the Golf & Turf One Source business, which focuses on bringing total solutions to those who maintain golf course properties.”

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