MOLINE, Ill., December 4, 2013 — The Deere & Company (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.