MOLINE, Ill., July 7, 2015 /CNW/ -- John Deere will continue as a title sponsor of professional golf through 2023 as a result of a seven-year extension announced today by Deere & Company (NYSE: DE), the PGA TOUR and the John Deere Classic. The agreement includes sponsorship of the John Deere Classic and multiple designations for John Deere in the TOUR's Official Marketing Partner program.
"This sponsorship has significant impact in many important areas for John Deere," said James Field, president, Worldwide Agriculture and Turf Division. "The agreement helps our company sell equipment, build relationships with customers and dealers, and promote the John Deere brand worldwide."
In addition, Field noted, hundreds of community organizations have benefited from millions of dollars in contributions made through the John Deere Classic and the tournament has had substantial economic impact on the Quad City community where it is held.
The agreement was announced during a news conference at Deere & Company World Headquarters two days before tournament play begins at the 2015 John Deere Classic.
PGA TOUR Deputy Commissioner Jay Monahan joined Field to announce the new deal that runs through 2023, taking effect when the current six-year agreement expires at the conclusion of 2016. Financial details were not disclosed.
"When we first entered a marketing agreement with John Deere, the PGA TOUR was confident this would be an exceptional association," Monahan said. "The two organizations have similar corporate values and we are pleased with the direction this relationship has taken. We're naturally delighted to announce a continuation of this valued collaboration through 2023."
Since the tournament began in 1971, more than $62 million has been raised for community and charitable organizations, including more than $6.3 million for 471 organizations in 2014.
John Deere became title sponsor of the tournament in 1998. As a result of the agreement announced today, John Deere will celebrate 25 years as a PGA TOUR title sponsor in 2022.
"The Board of Directors for the John Deere Classic are thankful for the tremendous support provided by Deere & Company," said tournament director Clair Peterson. "We want to provide not only great sports competition but also an event which the community can be proud of, be involved in, gain benefit from and support as a spectator or volunteer."
Deere retains its designation as Official Golf Course Equipment Supplier to the PGA TOUR, Official Golf Course Equipment Supplier of the TPC Network, Official Landscape Product Supplier of the PGA TOUR, and Official Golf Course Equipment Leasing Company. John Deere equipment is used at all TOUR-owned TPC facilities.
A recent study by Deere estimated the impact of the John Deere Classic is approximately $54 million annually to the Quad City area economy. This estimate includes money spent on travel, food, and lodging by visitors, the purchase of goods and services to support the tournament, and other purchasing that would not be needed if the tournament did not exist.
The sponsorship also exposes the John Deere brand to a worldwide audience. More than 125 million households in the U.S. and one billion households worldwide will have access to the tournament telecast.
About John Deere - Deere & Company (www.JohnDeere.com) is a world leader in providing advanced products and services and is committed to the success of customers whose work is linked to the land. Since 1837, John Deere has delivered innovative products of superior quality built on a tradition of integrity.
About the PGA TOUR - The PGA TOUR (PGATOUR.com) is the world's premier membership organization for touring professional golfers, co-sanctioning more than 130 tournaments on the PGA TOUR, Champions Tour, Web.com Tour, PGA TOUR Latinoamérica, PGA TOUR Canada and PGA TOUR China. Worldwide, PGA TOUR tournaments are broadcast to more than 1 billion households in 226 countries and territories in 32 languages. In 2014, tournaments across all Tours generated a record $140.5 million for local and national charitable organizations.
About the John Deere Classic - The John Deere Classic debuted on the PGA TOUR as the Quad Cities Open in 1971 and has helped raise in excess of $62 million for community and charitable organizations. John Deere has been title sponsor since 1998.
SOURCE Deere & Company
For further information: Ken Golden - Deere & Company - 309.765.5678; Chris Smith - PGA TOUR - 904.273.3379; Barry Cronin - John Deere Classic - 847.867.3032, http://www.deere.com