Global Edition

FAF Withdraws from course equipment finance

9.50am 16th December 1998 - Corporate

John Deere Capital Corporation (JDCC), a unit of John Deere Credit, and Lombard North Central PLC (Lombard), the finance house subsidiary of NatWest, announced today that they have reached agreement for JDCC to acquire the 50 per cent share held by Lombard’s agricultural and amenity machinery finance subsidiary, Farming and Agricultural Finance (FAF) in John Deere Credit Ltd (JDCL).

JDCL is a joint venture machinery finance business established in 1996 providing primarily term finance for the acquisition of John Deere equipment. It had net assets of £15 million and customer receivables of £110 million as at 30th September 1997, the date of its latest available audited accounts. As part of the agreement JDCL will also take over FAF’s machinery finance portfolio.

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