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: July 21, 1994
(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.)
John Deere Road
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.)
Page 1 of 5 pages.
The Exhibit Index appears at Page 3
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits
(99) Press release.
Signatures
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/ Frank S. Cottrell
Frank S. Cottrell, Secretary
Dated: July 21, 1994
EXHIBIT INDEX
Sequential Page
Number and Description of Exhibit Number
(99) Press release Pg. 4
EXHIBIT 99
FOR IMMEDIATE RELEASE
Deere & Company to Acquire Textron's Homelite Division
MOLINE, ILLINOIS and PROVIDENCE, RHODE ISLAND -- July 20,
1994 -- Deere & Company and Textron, Inc. today announced that
they have entered into a definitive agreement under which Deere
& Company will purchase the Homelite division of Textron. The
transaction is expected to be completed by September 30. Terms
of the transaction were not disclosed.
Homelite, based in Charlotte, North Carolina, is a leading
producer of outdoor power equipment, including string trimmers,
chain saws, leaf blowers, brushcutters and related equipment for
homeowner and commercial markets. Homelite's 1993 revenues were
approximately $246 million. Homelite employs approximately
2,000 people, the majority of whom are based in the company's
operations in Charlotte and Gastonia, North Carolina, and Greer
and Columbia, South Carolina.
"We view Homelite as a strategic acquisition and an
important addition to our Lawn and Grounds Care Equipment
division," said Hans W. Becherer, Deere & Company's chairman and
chief executive officer. "This acquisition is further evidence
of our corporate commitment to growth and to enhancing our
worldwide leadership position in the lawn and grounds care
equipment industry. Homelite's product mix and variety of
distribution channels will very effectively complement and
extend the reach of Deere's Lawn and Grounds Care Equipment
division."
"This transaction makes sense, strategically and
operationally, for both Textron and Deere," said Textron
chairman and chief executive officer James F. Hardymon.
"Homelite is a good company that will complement Deere's product
mix. This transaction also supports Textron's strategy to focus
on its core business areas where the company can add value and
realize attractive returns on invested capital," he added.
According to Mr. Hardymon, proceeds from the sale will be
used for general corporate purposes, including debt repayment
and stock repurchases.
Deere & Company said Homelite will continue to utilize its
existing workforce and facilities upon completion of the sale.
Deere & Company and its subsidiaries manufacture, distribute
and finance a full range of agricultural equipment; a broad
range of industrial equipment for construction, forestry and
public works; and a variety of lawn and grounds care equipment.
John Deere's Lawn and Grounds Care Equipment division, offering
the industry's broadest line of tractors, mowers and other
outdoor power equipment for homeowners and commercial users
worldwide, had 1993 sales of $1.05 billion.
Textron Inc. is a $9.1 billion multi-industry company with
operations in two business sectors -- Manufacturing and
Financial Services. Its business segments are Aircraft,
Automotive, Industrial, Systems & Components, Finance and Paul
Revere.