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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 13, 1999
(Date of earliest event reported)
D E E R E & C O M P A N Y
(Exact name of registrant as specified in charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-4121
(Commission File Number)
36-2382580
(IRS Employer Identification No.)
One John Deere Place
Moline, Illinois 61265
(Address of principal executive offices and zip code)
(309)765-8000
(Registrant's telephone number, including area code)
_______________________________________
(Former name or former address, if changed since last report.)
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<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits
(99) Press release and additional information.
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Signature
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereto duly authorized.
DEERE & COMPANY
By: /s/ Michael A. Harring
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Michael A. Harring,
Secretary
Dated: December 13, 1999
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Exhibit Index
Sequential
Number and Description of Exhibit Page Number
(99) Press release and additional information Pg. 5
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EXHIBIT 99
(Deere Logo) (Timberjack Logo)
Contact: Contact:
Ken Golden Kati Renvall
Deere & Company Timberjack Group
Moline, Illinois (USA) Helsinki, Finland
309/765-5678 +358 204 84 6003
[email protected] [email protected]
FOR IMMEDIATE RELEASE - December 13, 1999
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DEERE & COMPANY ACQUIRES TIMBERJACK GROUP OF HELSINKI, FINLAND
TO CREATE WORLD'S LEADING PRODUCER OF FORESTRY EQUIPMENT
HELSINKI, Finland - Two world leaders in the production of
forestry equipment today announced they will join forces when
Deere & Company, Moline, Illinois (USA), acquires the Timberjack
Group, Helsinki (Finland) from the Metso Corporation of Finland
for $600 million. Timberjack reported annual sales of $580
million in 1998.
"The acquisition of Timberjack represents a major step in our
global growth strategy. We are pleased to have a company of such
strength join the John Deere family," said Hans W. Becherer,
chairman and chief executive officer of Deere & Company.
Pierre Leroy, president of the corporation's Worldwide
Construction Equipment Division, added, "This is a bold move that
signals our continued drive to grow worldwide and offer the
broadest range of solutions for our customers."
"Timberjack and John Deere are recognized around the world
for quality and customer focus," said Mikko Rysa, President of
Timberjack. "These two strong brands will be maintained and
leveraged in combination to broaden our customer base and world
leadership."
Both companies said Timberjack's current management will
remain and that the forestry products operations of both
Timberjack and John Deere are important for the long-term success
of the union.
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Leroy said Deere and Timberjack would achieve cost savings in
product design, supply management and manufacturing efficiencies
while further enhancing Deere's renowned customer support
capabilities.
There will also be an immediate focus on serving current
customers and dealers of both John Deere and Timberjack, Leroy
said. In some markets, some products will be dual branded for
distribution to both Deere and Timberjack dealers. This broadens
the product line available to Deere dealers and gives Timberjack
dealers access to services from John Deere Credit and Deere's
customer support infrastructure.
The transaction is expected to close early in calendar year
2000 pending regulatory approvals in the United States and the
European Commission.
Timberjack is the world's leading manufacturer of forestry
machines, with its products in use in more than 80 countries. It
has manufacturing facilities in Finland, Sweden, Canada and the
United States. Deere, the world leader in agricultural machinery,
also is a leading supplier of timber harvesting equipment and
attachments in North America, with manufacturing operations in
the United States and Canada.
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