Kubota is looking for partnerships with other tractor manufacturers for its expansion in the U.S. and Europe, according to the president of Kubota. Kubota President Yasuo Masumoto said in an interview that “Mergers and acquisitions are not the only way to go,” adding that the company could “still cooperate” with other manufacturers without resorting to takeovers.

The company may ask overseas manufacturers to supply large tractors to be sold under the Kubota brand and offer its own products for sale abroad under other names, he said, without identifying potential partners. It would take five to 10 years to independently develop tractors as powerful as 200 hp, Masumoto said. Currently, the largest Kubota tractor model is 135 hp.

Earlier this year, Kubota said it would consider spending as much as $2.4 billion on acquisitions. But to date, the company said it has not found any suitable takeover targets. Same Deutz Fahr Group SpA, the maker of Lamborghini-brand tractors, last month denied it was in talks to sell its operations to Kubota. Masumoto said “there is currently nothing that is at the level of talks” regarding acquisitions of European companies.

Late in 2011, Kubota made a $230 million offer to buy Norwegian farm-equipment maker Kverneland ASA (KVE). In January, Kubota said Kverneland shareholders had agreed to sell a total of 79% of the company.