Deere & Co (NYSE:DE) has completed its deal of the Wirtgen Group, the major manufacturer globally of road construction equipment. In the month of June, the company reported a definitive deal to buy the global privately-held company. Samuel R. Allen, the CEO and Chairman, expressed that the Wirtgen Group will improve the size, stature and scale of their construction equipment operation and will assist company continue its international growth.
The Wirtgen Group has an international footprint with around 8,200 staff and sells offerings in more than 100 nations via a large network of firm-owned and independent dealers. Its product portfolio is complementary to Deere’s current construction equipment offering and launches Deere as the industry pioneer in international road construction. The Wirtgen Group has leading brands across the comprehensive road construction division spanning mixing, paving, milling, processing, rehabilitation and compaction.
Allen reported that the deal aligns with company’s long-term plan to expand in both construction and agriculture, the firm’s two international growth operations. Deere is a world pioneer in offering advanced services and products and is dedicated to the success of consumers whose work is associated to the land, those who grow, transform, enrich, harvest and build upon the land to fulfill the world’s dramatically growing requirement for fuel, shelter, infrastructure and food. Since 1837, Mr. John Deere has offered unique products of premium quality established on a tradition of integrity.
Deere & Company Board announced a regular quarterly payout of $.60 a share on common stock, to be paid on February 1, 2018, as of record on December 29, 2017.
In the last trading session, the stock price of Deere declined more than 1% to close the day at $149.44. The decline came at a share volume of 1.42 million compared to average share volume of 2.43 million. After the recent decline, the market cap of firm was noted at $48.8 billion.