Deere Expands Share Buyback Program by $8 Billion; Announces Quarterly Dividend
MOLINE, Ill., Dec. 4, 2013 /CNW/ - The Deere & Company (NYSE: DE) Board of
Directors today authorized the repurchase of up to $8 billion of additional
common stock. The Board also declared a regular quarterly dividend of $.51 a
share on common stock, payable February 3, 2014 to stockholders of record on
December 31, 2013.
"Today's action reflects our confidence in the company's long-term future
growth opportunities," said Samuel R. Allen, chairman and chief executive
officer. "The decision announced today exemplifies our commitment to creating
superior long-term value for investors."
The repurchase program will supplement the existing $5 billion share
authorization announced in May 2008. On October 31, 2013, there was
approximately $1 billion remaining under the prior authorization. Repurchases
will be made at the company's discretion in the open market. Deere had
approximately 375 million shares outstanding on October 31, 2013.
Since early 2004, the company has repurchased about $11 billion of common
stock through its share buyback program.
SOURCE Deere & Company
Ken Golden, Director, Global Public Relations, 309-765-5678
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-0- Dec/04/2013 15:25 GMT
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