Deere's president and chief operating officer, Samuel Allen, says the company is working to expand its agricultural-equipment manufacturing operations in Russia by early 2010.

With the support of the Russian Federation government, he says, Deere "could envision a series of significant investments over the next five to seven years in expanded capacity for manufacturing and supporting all types of Deere equipment."

Moline, Ill.-based Deere did not provide further details. It has long had a presence in Russia.

Deere shares fell 75 cents to $37.78 in morning trading.