Moline-based Deere & Co. announced Friday that its Board of Directors has elected John C. May, 49, president and chief operating officer, effective April 1.
The 25% tariffs, which U.S. President Donald Trump announced last month along with a 10% tariff on aluminum, could raise steel prices by 30% and may prompt the company to switch materials, says Samuel Allen, Deere & Co. Chairman and CEO.
Deere's $5 billion-plus acquisition of the German company Wirtgen Group, the largest in the company's history, supports its aim for achieving more global scale in construction equipment.
All major geographies and all major product lines are expected to be either flat or up in 2018. That follows the third time in John Deere’s history with 3 years of sequential declines, according to a report released by Vertical Research Partners.
Improving demand for farm and construction equipment leads to higher second-quarter results. Industry sales of turf and utility equipment in the U.S. and Canada are expected to be about flat for 2017.
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