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| 2006 News Releases and Information |
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DEERE & COMPANY CLOSES SALE OF HEALTH CARE OPERATIONS
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MOLINE, IL (February 24, 2006) — Deere & Company said today that it has closed the sale of the company's health care operations to UnitedHealthcare of Minneapolis, Minnesota. The transaction was announced by both companies in December 2005.
Deere said it sold John Deere Health Care, Inc., to UnitedHealthcare for about $500 million in cash and the transaction will result in a second quarter gain of approximately $350 million pre-tax or $225 million after-tax.
Deere had been in the managed health care business since creating the subsidiary in 1985. Deere said United is expected to rename John Deere Health Care, Inc. and its subsidiaries within one month and transition away from using the John Deere brand within one year.
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