Business Review and Financial Analysis|
Deere and Company is an American manufacturing company based in Moline, Illinois that was founded by John Deere in 1837. Deere and Company is the world’s leading manufacturer in agricultural machinery and technologies. Deere and Co is one of the United States oldest companies since its birth in 1837. Deere and Co follows a set of core values since their creation. These values include: Integrity, Quality, Commitment, and Innovation. Deere and Co consists of three highly organized business segments. These three segments include: Agriculture and Turf, Construction and Forestry, and Credit. Deere and Co is currently the world leader in agricultural machinery and equipment fabrication. Along with their agricultural related products they also make lawn care machinery. Deere and Co is also the world’s leading manufacturer of forestry equipment. It is also a manufacturer of construction equipment that is distributed in North America. John Deere Credit Company is a leading agricultural finance company in the United States with more than 2.4 million accounts and a twenty three billion dollar portfolio. The current CEO of Deere and Co is Samuel R. Allen who was appointed to that position in 2009. History
1837 marked the beginning of an era for Deere and Co. John Deere; a blacksmith from Vermont made the first self cleaning steel plow for farm work. In 1848 Deere moved his family and business to Moline Illinois so he could increase his production of plows. With access to the Mississippi River Deere could transport his goods easier. Deere joined two business partners to form his first corporation of Deere, Tate, and Gould in 1850. Two years later Deere would buy out his partners and Deere and Co would be founded. Since 1850 Deere and Co has been manufacturing agricultural machinery under the name of John Deere. For the next thirty years Deere would lead his company to become an agricultural super giant until his death in 1886 at the age of eighty two. Before Deere’s death he handed down his business to his son Charles. For 150 years Deere and Co was run by a direct descendant of John Deere until Robert Hanson was named chairman and CEO of Deere in 1982. Historical Timeline of Events for Deere & Co.
1837- John Deere makes his first plow.
1838- John Deere creates the John Deere brand name
1848- John Deere moves operations to Moline Ill.
1849- Deere’s workforce increases to 16 employees. Build 2,136 Plows 1850- Deere combines a business partnership called Deere, Tate & Gould. 1852-Deere buys out his partners.
1859-Charles Deere (Johns Son) takes over the business.
1868- John Deere becomes an incorporated business. Four shareholders at first. John and Charles Deere control sixty-five percent of the stock. 1877-John Deere beings to manufacture corn planters.
1886-John Deere dies at age 82.
1889- Place branches of business in Kansas City, St. Louis, Minneapolis, Omaha, and San Francisco. 1907- William Butterworth is named CEO.
1912-The modern Deere & Co emerges. Made of 11 manufacturing entities and 25 sales organizations. 1913- Deere begins manufacturing harvesters to complete with International Harvester. 1918- John Deere buys Waterloo Boy tractors. They sell 5,634 tractors. 1923- Deere launches Model “D”. This product is sold for over 30 years. 1927- Deere produces first large scale combines. John Deere No. 2. 1932-Great Depression. Massive layoffs, pay cuts.
1943- Deere and Co changes to a military producer to help supply WW2. 1953-Deere introduces first diesel row crop tractor. Model 70 is largest row crop to date. 1955- William A. Hewitt named CEO.
1956-John Deere goes global
1958-John Deere Credit Company opens.
1962- 125th anniversary.
1963-John Deere becomes the world’s largest producer and seller of agriculture equipment. 1966-Total sales pass 1 billion dollars.