Russian dealer, Ekotechnika Group, which claims to be one of John Deere’s top three dealers in Europe, is blaming the collapse of the ruble and deteriorating financial and credit conditions in the country for its need to restructure its debt load.
Ekotechnika, the holding company for Ekoniva-Technika, Russia’s largest dealer in foreign-branded farm machinery, remains confident in the potential of the Russian market, calling it “one of the major growth markets” for ag equipment despite a “less-than-optimal trading environment” in 2013, according to a Nov. 20 report from Agrimoney.com.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.