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The Associated Press October 22, 2010, 4:09PM ET

Deere & Co. renames unit

Deere & Co., a farm equipment maker, renamed its business unit that offers credit and other financial services to John Deere Financial on Thursday. It had been called John Deere Credit.

The change comes after the company established John Deere Insurance earlier this year.

"When we made the decision to expand our presence in the crop insurance industry, we realized that our name needed to change to encompass our expanding range of financial products and services," said Jim Israel, president of Deere & Co.'s worldwide financial services division.

Deere & Co. shares fell 6 cents to $76.99 in late day trading.

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