Summary
Deere & Company announced a significant rebranding of its construction equipment division to the "Worldwide Construction and Forestry Division" on July 2, 2001. This name change reflects the company's enhanced global position in both construction and, particularly, forestry harvesting equipment, following the acquisition of Timberjack in the previous year. The company stated that this rebranding provides a clearer understanding of its expanded business scope to all stakeholders, including investors. The announcement also highlighted the strategic intent to more closely integrate the construction and forestry businesses. This integration aims to streamline operations across manufacturing, supply chain, sales, and marketing, with the ultimate goal of delivering greater value to customers and contributing to Deere's corporate objective of "doubling value twice." A Special Early Retirement Program for salaried employees was mentioned as a facilitator for this integration process.
Key Highlights
- 1Deere & Company's Construction Equipment Division has been renamed the "Worldwide Construction and Forestry Division."
- 2The new name reflects Deere's strengthened global leadership in both construction and forestry harvesting equipment.
- 3The acquisition of Timberjack last year was a key factor in Deere's increased prominence in the forestry sector.
- 4The company plans to more closely integrate its construction and forestry businesses.
- 5Integration efforts will focus on streamlining operations, including manufacturing, supply management, sales, and marketing.
- 6The strategic goal is to enhance customer value and support Deere's corporate target of 'doubling value twice.'
- 7A Special Early Retirement Program for salaried employees is being implemented to aid in this integration.