MOLINE, Ill., May 28 /PRNewswire-FirstCall/ -- The Deere & Company board of directors today increased the quarterly dividend rate by 12 percent and authorized the repurchase of up to $5 billion of additional common stock. "These actions show our commitment to creating superior long-term value for investors," said Robert W. Lane, chairman and chief executive officer. "They reflect our continuing confidence in the company's future direction and its ability to generate the cash flow to fund future growth opportunities while also returning cash directly to shareholders." The repurchase program will supplement the existing 40 million-share authorization announced in May 2007. There were approximately 23 million shares remaining under the prior authorization on April 30. Repurchases will be made at the company's discretion in the open market. Deere had approximately 430 million shares outstanding on April 30. In another action, the Deere board declared a dividend payment of 28 cents a share, payable August 1, 2008, to stockholders of record on June 30. The new quarterly rate represents an increase of 3 cents per share over the previous level, or 12 percent. Since early 2004, the company has increased its quarterly dividend on six occasions, by a total of 155 percent, and repurchased about $5 billion of common stock through its share buyback program. DATASOURCE: Deere & Company CONTACT: Ken Golden, Director, Strategic Public Relations of Deere & Company, +1-309-765-5678 Web site: http://www.deere.com/

Copyright