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MOLINE, Ill. — The Deere & Co. board of directors Wednesday increased the company’s quarterly dividend to 76 cents per share on common stock.

The dividend is payable Feb. 1, 2019, to stockholders of record on Dec. 31, 2018.

The new quarterly rate represents an additional 7 cents per share over the previous level — an increase of about 10 percent.

“The dividend increase reflects the sound financial position of the company and confidence in our ability to generate strong cash flows through the cycle going forward,” said Samuel R. Allen, chairman and chief executive officer.

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