"This is probably the worst recession we've ever seen," Sam Allen, Deere & Co.'s new CEO, said while attending the opening of a new Texas construction equipment dealership this past weekend. Allen, who will assume the role as head of the largest farm equipment maker in the world on August 1, said business conditions remain difficult for a number of Deere divisions.
Allen was attending the opening of a new $7 million store opened by Yellowhouse Machinery, which operates dealerships in Lubbock, Amarillo, Odessa and San Angelo, and is now planning a new dealership for the Wichita Falls area.
Allen said one segment of Deere's business that is doing better is its agriculture division. "Our large tractors (sales) used in row crops such corn and cotton are doing extremely well in the U.S. and Canada," he said.
Allen said other divisions haven't been as fortunate and will not likely see an upturn in the near future.