John Deere revealed the secret of deal with Kreisel Electric

John Deere revealed the secret of deal with Kreisel Electric

It became known how much John Deere bought the majority stake of Kreisel Electric and what will happen next.

Eleven months after joining Kreisel Electric, the agricultural technology group is taking the next steps: John Deere is expanding its research and development facilities, creating jobs for about 70 additional employees. The mystery of how much money the U.S. multinational paid for most of the people at Mulfiertel has been solved without too much fuss.

“The time has come for us to get to work and clarify our leadership position in electrification,” Markus Kreisel, co-founder of the battery technology company from Rheinbach im Mühlkreis, said clearly in September, when John Deere majority owner: The production facilities will be expanded!

Eleven months after the mega-deal in which the American multinational received a 70 percent stake in Mühlviertler, the excavators were already in operation. For a week now, work has been underway on the addition of an outbuilding that houses Kreisel’s research and development department. The extension is intended to create space for 70 employees.

Not only is more space being created, production automation is also moving forward. What’s new: At Rheinbach, the focus is on prototype development and production. Own production facilities are planned in the U.S. and in Saran/France, which will take over serial production. A decision has not yet been made on placement in North America.

Kreisel specializes in batteries for buses or delivery vehicles, construction equipment and marine vessels, and has stationary charging stations in its portfolio.

It transferred $276 million for 70 percent.By the way, when the deal became known, John Deere said it would not disclose financial details about joining Mühlviertel, which means it is a long story. The U.S. multinational has scrutinized its business data: $276 million was transferred for the company’s 70 percent stake in Upper Austria.