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Deere expands share buyback plan by $8 billion

A new John Deere tractor waits for a buyer at a dealer in Longmont, Colorado August 18, 2010. REUTERS/Rick Wilking
A new John Deere tractor waits for a buyer at a dealer in Longmont, Colorado August 18, 2010. REUTERS/Rick Wilking

(Reuters) - Deere & Co , the world's largest farm equipment maker, said it was expanding its share buyback plan by $8 billion.

The program will supplement an existing $5 billion buyback authorization, Deere said on Wednesday. About $1 billion remains under the previous program.

Deere shares were up 3.3 percent at $85.42 in afternoon trading on the New York Stock Exchange.

The company offered an upbeat earnings forecast for 2014 last month, saying that sales of construction and forestry equipment in the coming year should offset an anticipated slowdown in demand for agricultural machinery.

(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Ted Kerr)

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