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| 2007 News Releases and Information |
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JOHN DEERE FOUNDATION ANNOUNCES $1.25 MILLION GRANT TO IOWA STATE UNIVERSITY
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Funding Will Support New Agricultural Engineering & Biorenewables Complex
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MOLINE, IL (April 19, 2007) — John Deere Foundation, the primary philanthropic arm of Deere & Company, today announced a $1.25 million grant for construction of a new agricultural and biosystems engineering facility at Iowa State University. The building is part of a planned multi-structure complex that will include ISU's Office of Biorenewables Programs.
In comments made in Ames, Iowa, Michael J. Mack, Jr., a director of the John Deere Foundation and senior vice president and chief financial officer of Deere & Company, said the development of biorenewable fuel sources holds exceptional economic potential for the state of Iowa. "Based on its long record of scientific and engineering achievement, Iowa State University is in a particularly strong position to provide leadership for the biorenewals effort. Technical support from the university is essential to producing renewable fuels on a large scale and in an economically feasible, sustainable manner." Biorenewables are likely to play an important role in addressing the world's long-term energy needs and have a positive impact on issues such as global climate change and environmental sustainability, Mack noted.
Iowa State granted the country’s first agricultural engineering degree in 1905. Today, the department of agricultural and biosystems administers undergraduate degrees in agricultural engineering, agricultural systems technology and industrial technology. Housed jointly in the College of Agriculture and College of Engineering, the department is recognized nationally for its agricultural and biosystems engineering programs.
The new agricultural and biosystems facility will be part of a 166,000-square-foot complex that will include three separate buildings to replace current laboratories, classrooms and offices. Cost is estimated at $63.3 million.
John Deere (Deere & Company - NYSE: DE) is the world's leading provider of advanced products and services for agriculture and forestry and a major provider of advanced products and services for construction, lawn and turf care, landscaping and irrigation. John Deere also provides financial services worldwide and manufactures and markets engines used in heavy equipment. Since it was founded in 1837, the company has extended its heritage of integrity, quality, commitment and innovation around the globe.
For further information,
the news media should call:
Greg Derrick
Director, Strategic Business Communications
Deere & Company
Ph: 309-765-4110
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