Benzinga -
- Deere & Company (NYSE: DE) signed a memorandum of understanding with the American Farm Bureau Federation, ensuring that farmers can repair their farm equipment or take it to independent repair shops.
- Some farmer organizations and consumer groups have accused Deere and other manufacturers of using proprietary software on their tractors and harvesters, forcing them to take their equipment to manufacturers' dealers for repairs.
- Under the agreement, equipment owners and independent technicians will not be allowed to "divulge trade secrets" or "override safety features or emissions controls or to adjust Agricultural Equipment power levels."
- The firm looks forward to working with the AFBF and "our customers in the months and years ahead to ensure farmers continue to have the tools and resources to diagnose, maintain and repair their equipment," Dave Gilmore, SVP at Deere, said.
- Related: Deere Clocks Strong Q4 Performance Despite Inflation, Signals Strong FY23 Profit.
- "It addresses a long-running issue for farmers and ranchers when it comes to accessing tools, information, and resources while protecting John Deere's intellectual property rights and ensuring equipment safety," AFBF President Zippy Duvall said.
- Some farmers say that if the equipment companies would give greater access to the software, they could handle several farm equipment repairs, writes Wall Street Journal.
- The agreement gives them access to resources needed to repair their equipment, such as diagnostic and repair codes, manuals, and product guides.
- The federation said the agreement could serve as a model and had begun talks with other manufacturers.
- Price Action: DE shares are down 2.75% at $414.73 during the premarket session on the last check Monday.
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