Waterloo, Iowa-Deere & Co., already in the midst of a $100 million upgrade of its foundry operation in Waterloo, will add an additional $70 million investment to expand its Waterloo Works. The news comes shortly after Deere announced a seventh-straight earnings record, with a net income of $532.9 million, or $1.30 per share, for the first quarter, compared with $513.7 million, or $1.20 per share, a year ago. Deere has reported strong demand for large tractors and said the investments announced today will increase the number of tractors Deere can build in Waterloo by the middle of 2013. The expansion will not lead to more manufacturing jobs at Deere's Waterloo plants, which employ more than 6,000, the company said. Tractors built in Waterloo are shipped to more than 130 countries. The $70 million investment will increase capacity by more than 10 percent, Deere said, adding that once the expansion is completed, enhancements to the Waterloo Works will have increased manufacturing capacity for large tractors by more than 50 percent since 2002.