Deere sells wind energy business for $900M
Corporate Governance
Deere & Co. will sell its wind energy business to a subsidiary of Exelon for $900 million, the company said Tuesday, potentially signaling an active merger and acquisition period ahead for the power industry.
With energy prices persistently low due to a grinding economic recovery, stakes in the power industry have begun to shift.
Earlier this month, Blackstone Group paid $542.7 million to take Houston's Dynegy Inc. private. In a three-way deal, Dynegy also sold four power plants to NRG Energy Inc. for $1.36 billion in cash.
Deere said in February it was reviewing options for John Deere Renewables. It saw the wind business as an extention of its agricultural work, with projects located in rural areas.
Deere was involved in project management and financing, buying much of the hardware used in the wind projects from India's Suzlon Energy, one of the biggest suppliers in the world. Deere invested $1 billion over the past five years in the financing, development and ownership of wind energy projects.
On Tuesday, Deere said the sale will allow it to get back to what it does best, which is manufacturing farm equipment.
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Thai National Sentenced, Faces Deportation for Operating Immigration Fraud Scheme
Nimon Naphaeng, 36, a native and citizen of Thailand, who resided in Wakefield, R.I., was sentenced Monday to 27 months in federal prison for running an immigration fraud scheme that defrauded more than 320 individuals, most of them immigrants, of at least $400,000, and perhaps more than $518,000.
The scheme included the unauthorized filing of false asylum applications on behalf of individuals who did not request, nor authorize, the applications.
“U.S. Citizenship and Immigration Services does not tolerate immigration fraud of any kind,” said Susan Raufer, director of the USCIS Newark Asylum Office. “We are proud of our role in uncovering this fraud scheme and bringing the perpetrator to justice.”
At sentencing, U.S. District Court Chief Judge William E. Smith ordered a provisional amount of restitution of $400,000. The final amount of restitution will be determined subject to additional victims being identified and additional court filings over the next 90 days. According to court documents already filed by the government, restitution in this matter may exceed $518,300. During the investigation, the government seized $285,789.31 from Naphaeng. The forfeited funds will be applied toward restitution for victims of Naphaeng’s crimes.