LJUBLJANA (Slovenia), November 28 (SeeNews) – Slovenian company Letrika [LJE:IALG] said on Thursday it signed a 70 million euro ($95.1 million) cooperation agreement with U.S.-based manufacturer of agricultural machinery John Deere.
John Deere granted Letrika a status of preferred supplier, which enables the Slovenian company to be involved in new projects at John Deere's units in France and Germany, as well as on the new markets in South America and China, where the U.S. company has its own production, Letrika said in a statement posted on its website.
Letrika's alternators and starters will be used to manufacture state-of-the-art tractors, combine harvesters and broadcast spreaders, it added.
The long-term agreement provides an opportunity for Letrika to increase its annual volume of operations with John Deere from the current 7.0 million euro to a total of 70 million euro within a period of five years.
Sempeter-based Letrika is active in the automotive, industrial machinery and electronics sectors.
($=0.7364 euro)