Deere & Company: From Humble Beginnings to Global Leader
History
Deere & Company, commonly known as John Deere, was founded in 1837 by a blacksmith named John Deere, in Grand Detour, Illinois. It embarked on its journey when John Deere designed a polished steel plow that could cut through the sticky prairie soil of the Midwest, unlike the traditional cast-iron plows. This innovation marked the beginning of an agricultural revolution.
Core Business
At its core, Deere & Company specializes in manufacturing agricultural machinery. Over the years, it has expanded its product line to include equipment for construction, forestry, and turf care. Its agricultural products range from tractors to harvesters and balers, designed with cutting-edge technology to improve farming efficiency and productivity. John Deere has consistently emphasized innovation, investing heavily in research and development to introduce smart farming solutions, such as precision agriculture technologies.
Side Businesses
Besides its primary focus on machinery, Deere & Company has diversified its operations into other areas. This includes the provision of financial services through John Deere Financial, offering financing to purchasers of Deere equipment. It also encompasses parts and services to support its main product lines, ensuring customers receive comprehensive support throughout their equipment's lifecycle.
Current Market Status
As of 2023, Deere & Company continues to be a leader in the agricultural and construction equipment sector, with a strong global presence. It trades on the New York Stock Exchange under the symbol DE, showcasing a consistent performance in the stock market. Despite the challenges posed by global economic fluctuations, John Deere has demonstrated resilience, driven by its commitment to innovation and sustainability. The company's efforts in developing more efficient and environmentally friendly machinery align with the growing demand for sustainable agricultural practices, reinforcing its standing in the market.