The Deere & Co. board of directors last week authorized the repurchase of up to $8 billion of additional common stock. The board also declared a regular quarterly dividend of $.51 a share on common stock, payable Feb. 3, 2014, to stockholders of record on Dec. 31.

"Today's action reflects our confidence in the company's long-term future growth opportunities," said Samuel Allen, chairman and CEO. "The decision announced today exemplifies our commitment to creating superior long-term value for investors."

The repurchase program will supplement the existing $5 billion share authorization announced in May 2008. On Oct. 31, there was approximately $1 billion remaining under the prior authorization. Repurchases will be made at the company's discretion in the open market. Deere had approximately 375 million shares outstanding on Oct. 31.

Since early 2004, the company has repurchased about $11 billion of common stock through its share buyback program.