Japan's Kubota Corp plans to sell powerful, large tractors in North America and Europe next year, its president said on Wednesday, challenging farm equipment industry leader Deere & Co. Yasuo Masumoto, president of Japan's biggest farm equipment maker, told Reuters Kubota was seeking a joint venture with a European or U.S. company this year to produce the tractors, which will have a horsepower of at least 200.The company had previously raised the prospect of adding the 200 horsepower tractors to its line-up through acquisitions, but Masumoto said that route would take too much time."There's no progress on an acquisition and we have to get into big machines," he said, adding that Kubota is targeting sales of about 300 units of these larger tractors in the year to March 2016.The North American market for large tractors is dominated by U.S.-based Deere, CNH Industrial NV and AGCO Corp , while the main companies in Europe include unlisted Claas KGaA mbH.
CNH Industrial NV is a Netherlands-based company primarily engaged in the manufacture of heavy machinery and vehicles equipment. Shares of CNHI traded higher by 0.93% or $0.11/share to $11.90. In the past year, the shares have traded as low as $10.23 and as high as $13.16. On average, 788906 shares of CNHI exchange hands on a given day and today's volume is recorded at 773753.
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