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The global market has been good to John Deere, and that equates into good economic news for Waterloo.
A healthy John Deere goes a long way in promoting the economic health of the Cedar Valley. Further commitments from the company to its operations here bring further stability.
"Deere has been talking about the solid farm fundamentals across the globe for some time," said Deere spokesman Ken Golden.
"We're talking about increasing our capacity by 40 percent; that's a pretty significant vote of confidence for the employees of Waterloo."
John Deere tractors are now exported to more than 130 countries.
"John Deere customers around the world are investing in the improved productivity delivered by these technologically-advanced machines," David Everitt, president of Deere's agricultural division for North America, Australia and Asia and global tractor sourcing, said in a news release.
"John Deere is investing to help ensure that we have the manufacturing capacity to meet this demand for John Deere products."
Good news keeps emanating from Moline and finding its way to Waterloo. Earlier this month, it was reported that the company had the highest third quarter in history, in regards to sales and net income.
"The fact that we're having a good strong year this year and anticipate the future to be solid, plus the demand for Waterloo-built tractors is very, very strong (served as an impetus for the plan), and we want to make sure we can meet that market demand going forward," Golden said.
"All the breadbaskets of the world want high technology and good productivity. There's a strong demand for larger high-horsepower tractors."
Thankfully, the supply is here and the demand is everywhere.
Deere is in the midst of a fifth consecutive year of record earnings. If that continues, it would match the previous five-year record run in the '90s, and mean that Waterloo's largest manufacturing employer has produced record earnings 10 times in the past 15 years.
That's quite a score for a company that was on the ropes during the 1980s farm crisis, which saw mass layoffs and a bitter five-month strike and lockout.
Those successes have also allowed Deere to contribute in other ways. Last year the company and Local 838 became what is believed to be the first employer and work force ever to give $1 million to the Cedar Valley United Way.
Again, we recognize Deere & Co., during its 90th anniversary this year, for its commitment to Waterloo.
It has developed into a banner year.
To see more of the Waterloo-Cedar Falls Courier, or to subscribe to the newspaper, go to http://www.wcfcourier.com. Copyright (c) 2008, Waterloo-Cedar Falls Courier, Iowa Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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