John Deere Reports Record Community Investments in 2022

Rhea-AI Summary

John Deere (NYSE: DE) announced a record $55.5 million in community investments for 2022, a 30% increase from the previous year, which exceeds its commitment of investing at least 1% of average net income. The John Deere Foundation contributed $22.1 million to this total, supporting initiatives aimed at combating hunger. Notably, over $3 million was allocated to food banks, and nearly $5 million aimed at helping 3.8 million farmers enhance their food security. Deere's employees also volunteered 174,518 hours in support of these causes.

Positive

• Community investments rose to $55.5 million, indicating strong corporate responsibility.
• John Deere Foundation's contribution of $22.1 million is the highest recorded, showcasing commitment to philanthropy.
• Investments in food banks and global farmers improve food security and align with community needs.

Negative

• None.

Direct grants from the John Deere Foundation focus on rising rates of hunger and food insecurity globally

MOLINE, Ill., Dec. 20, 2022 /PRNewswire/ -- John Deere (NYSE: DE) announced community investments totaling $55.5 million in 2022, a 30 percent increase over the prior year. This represents 1.4 percent of the company's average net income over the previous three years and exceeds Deere's commitment of investing at least 1 percent of these earnings every year in civic initiatives.

The John Deere Foundation contributed $22.1 million in charitable giving to this total in 2022, the highest it has ever reported. For nearly 75 years, the foundation has been a powerful source of philanthropy for nonprofit organizations serving Deere home communities and farm communities around the world. In 2021, the foundation built on this legacy by committing at least $200 million over the next decade to ensure that marginalized families and youth in Deere hometowns and smallholder farm households across the globe have equitable access to the resources and opportunities essential to their prosperity and dignity. In 2022, the foundation made notable investments in its pursuit of ending hunger:

• Over $3 million to food banks and for emergency hunger assistance, representing the equivalent of more than 13 million meals.
• Nearly $5 million to serve 3.8 million farmers globally to increase their food security, incomes, and resilience to conflict and climate change.

The John Deere Foundation's mission has always been strengthened by Deere employees through their volunteerism and giving. In 2022, Deere employees logged 174,518 hours of volunteerism and personally donated $5 million. The foundation honored these generous gifts by donating more than $6.2 million to inspire, match, and otherwise reward this employee giving.

"At John Deere, we have always believed that our growing success as a business creates an even greater responsibility to contribute meaningfully and sustainably to lives of others," said John May, chairman and CEO of Deere & Company and chairman of the John Deere Foundation.

"While the company contributes to global food security through products and services that promote the profitable, productive, and sustainable production of food, we can do even more," May said. "Through the John Deere Foundation we can help ensure that all of the food grown reaches those experiencing hunger, and we can support the world's most vulnerable farmers in feeding themselves and those around them."

About John Deere

Deere & Company (www.JohnDeere.com) is a global leader in the delivery of agricultural, construction, and forestry equipment. We help our customers push the boundaries of what's possible in ways that are more productive and sustainable to help life leap forward. Our technology-enabled products including John Deere Autonomous 8R Tractor, See & Spray™, and E-Power Backhoe are just some of the ways we help meet the world's increasing need for food, shelter, and infrastructure. Deere & Company also provides financial services through John Deere Financial. For more information on Deere & Company, visit us at www.deere.com/en/news/.

About the John Deere Foundation

The John Deere Foundation helps bring to life John Deere's higher purpose – "We run so life can leap forward" – through investments that allow the people we serve to overcome the challenges they face today and create for themselves paths to a more prosperous tomorrow. The foundation has committed at least $200 million from 2021-2030 to unlock economic, social, and environmental value for smallholder and resource-constrained farmers, marginalized families and youth in John Deere home communities, and our workforce. Learn more at https://www.deere.com/en/our-company/sustainability/citizenship/.

 

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SOURCE Deere & Company

FAQ

What were John Deere's community investments in 2022?

John Deere invested $55.5 million in community initiatives in 2022, a 30% increase over the previous year.

How much did the John Deere Foundation donate in 2022?

The John Deere Foundation contributed $22.1 million in charitable giving in 2022.

What initiatives did John Deere support to combat hunger?

John Deere allocated over $3 million to food banks and nearly $5 million to support 3.8 million farmers in improving food security.

How many volunteer hours did John Deere employees log in 2022?

In 2022, John Deere employees logged 174,518 hours of volunteerism.

What is John Deere's commitment to community investments?

John Deere aims to invest at least 1% of its average net income annually in civic initiatives.