John
Deere: The World’s Largest Agricultural Tractor Company in 2023
Deere and Company is a leading tractor and heavy equipment
company with well-known brands i.e. “John Deere”. This
company comes from Moline, Illinois, United States. In 2023, according to the
Fortune 500 ranking, Deere and Company is the largest producer and marketer of
agricultural heavy equipment in the world based on sales and profit at that
time from Its Annual Report. According to the company’s 2023 revenue
performance, this company stands in 81th position in the world between 500
world’s largest companies. In 2023, until October 2023, based on data from the
annual report published by the company, the company’s total revenue reached 61
billion US dollars, and the earned profit was 10 billion US dollars.
Table of Financial Structure and Performance of Deere and Company in 2023
|
Structure and Financial Conditions |
Nominal Value |
|
in |
(in US Dollar) |
|
2023 |
|
|
Total Assets |
104,087 million |
|
Total Liabilities |
82,201 million |
|
Total Equity |
21,789 million |
|
Total Revenue |
61,251 million |
|
Net Income/ Profit |
10,166 million |
|
Source:
Annual Report, 2023 |
|
To become a prominent heavy equipment player in
agriculture, it takes a long and winding process and struggle. Historically,
John Deere founded this company. His job is a blacksmith in 1837. He was
originally only making plows for agricultural tractors until in 1848, he formed
a business partnership and moved to the Moline region, Illinois. From time to
time, Deere and Co has experienced ups and downs of his own business related to
problems with his business partners, but this company survived.
In 1863, the company introduced its first innovative
conventional plow, the Hawkeye Riding Cultivator. All plowing tools at that
time utilize the horses as power. In 1864, the company obtained its first
patent regarding mold for the manufacture of steel plows. This company ended up
making a lot of innovations with agricultural tractors. Many inventions and
breakthroughs were created and marketed such as The Gilpin Sulky Plow, which he
produced and were able to beat plow products from other companies and this
product is able to win 1,000 Francs prizes related to the innovations.
Along with the development of time and influence of the
industrial revolution, many tractors used oil fuel as power. In response to the
dynamics that happened, this company later bought the engine tractor company
Waterloo Gasoline Engine Company. Later, it developed an engine-based tractor
business unit. Until now, various types of machine tractors for agricultural activities
have been produced, ranging from tillage tractors, planting, plant treatment,
harvesting tractors. These various tractors are certainly able to increase
efficiency and effectiveness in agricultural activities. Here are some types of
tractors from the breakthrough of Deere and Company i.e.
- Tillage
(Cultivator, tandem disk, seedbed finisher, Rotary Tiller, and other
types)
- Planting
Tractor (Row Crop tractor, air seeding equipment, drawn planter)
- Management
Tractor (Fertilizer spreader, Manure spreader, and Sprayer)
- Tractors for
Harvesting (Cotton Harvesting, Sugarcane harvesting, Corn and wheat
harvesting)
Until 2024, this company has become one of the world’s
largest companies and In the Fortune 500 ranking of companies in 2024, the
company is place 64th from all ranked companies. Financially, the total
Deere and Co’s assets reached 104 billion US Dollars with the profit generated
in 2023 reaching 10.1 billion US Dollars. The product of Deere Can be found in
many countries in the world but the main market still the American and Europe.
Article Reference:
Fortune 500. Retrieved from https://fortune.com/fortune500/2020/search/?f500_revenues=desc
Deere.2024. Deere Annual report 2023. Retrieved from https://investor.deere.com/home/ on
November 1st, 2024.