MOLINE, Ill., -- 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."
Source : Newswire.ca