MOLINE, Ill., Aug. 29 - -- The Deere & Company (NYSE: DE) Board of
Directors today increased the quarterly dividend rate by 14 percent and
proposed a 2-for-1 split of the company's common stock. The split, which would
take the form of a stock dividend of one additional share for each share
outstanding, requires shareholder approval at a special meeting set for
November 14, 2007, at the company's Moline, Illinois, headquarters. The
increase in the quarterly dividend rate, from 44 cents to 50 cents per
pre-split share, is payable November 1, 2007, to shareholders of record on
September 28.
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"Today's actions reflect Deere's financial strength and our belief that
the company's future prospects remain quite promising," said Robert W. Lane,
chairman and chief executive officer. "Our focus on economic profit as a
central theme in managing the company has triggered a substantial increase in
cash flow, helping fund attractive growth investments, dividend increases and
share buybacks. These actions support our goals of delivering superior value
for our investors over many years."
Since early 2004, Deere has increased the dividend rate on five
occasions, by a total of 127 percent, and repurchased more than $3.5 billion
of the company's stock.
