City-based Polyhose India Private Ltd., a leading hose manufacturer in the country, has acquired the construction equipment manufacturing facility of the joint venture between Ashok Leyland and John Deere here for an undisclosed consideration.
Chief financial officer Suryanarayanan said the deal involved only the acquisition of assets such as land, building, plant and the like. There was no takeover of liability and employees, he added.
Commercial vehicle maker Ashok Leyland formed a 50:50 joint venture in 2009 with the U.S.-based John Deere for earth moving equipment business, and the first product was unveiled in November 2011.
