Business News

Letrika Pens EUR 70M Cooperation Deal with John Deere

Šempeter pri Gorici, 28 November (STA) - The Šempeter-based car electronics maker Letrika has signed a EUR 70m cooperation agreement with US corporation John Deere, one of the world's largest manufacturers of agricultural machinery.

The five-year agreement will double the extent of cooperation with the US company to EUR 14m a year, secure more jobs in Slovenia and the whole Lektrika Group and open up opportunities for new projects, the company said in a written statement.

It described the deal as the product of years-long good cooperation, intense investment in technological modernisation of production capacities and development of products specially for the US corporation.

John Deere awarded Letrika the status of development and preferred supplier, which opens up opportunities for new projects in Deere's factories in France's Saran, Germany's Mannheim, as well as new markets in South America and China, where John Deere has its production.

Letrika alternators and starters will be built into Deere's most advanced tractors, combine harvesters and seeders.

The company will release its nine-month results on Friday, but the business daily Finance has reported Lektrika estimates net profit at EUR 9.2m, an almost six-fold increase over last year's figure.

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