Deere does well

While the automotive industry might be in the doldrums, the same can't be said for business at tractor-maker John Deere.

The company's worldwide net income this year was a record $2.05bn (£1.4bn), compared with $1.82bn last year.

Worldwide net sales and revenues increased 21 per cent to $7.4bn for the fourth quarter and were up 18 per cent to $28.44bn for the full year.

Net sales of the company's equipment operations were $6.73bn for the quarter and $25.8bn for the full year, compared with $5.42bn and $21.49bn for the respective periods last year.

Robert W Lane, Deere's chairman and chief executive officer, said: 'Agricultural equipment operations had their best year ever in 2008 and the company's other equipment businesses remained solidly profitable on a full-year basis.'

Demand for productive agricultural machinery has continued to be strong, due in large part to the financial health of the farm sector.