Deere and Co has announced fourth quarter net sales and revenues of $8.6bn (£5.5bn), up 20% on the same period last year. That brings the net sales and revenues for the 2011 financial year to just over $32bn (£20.4bn), up 23% on last year.

Despite healthy farm machinery sales, the manufacturer has had to contend with an increase in raw material values, higher manufacturing costs and the pressure of ever-growing investment into the research and development sector.

Despite the unsettled global economy outlook, Deere expects demand for its products to continue to increase through 2012. Equipment sales are expected to increase by a further 15%, pushing net income to an expected $3.2m (£2m). The manufacturer’s projections take into account continuing high prices for agricultural commodities and a continuing demand for high horsepower equipment.

During the year, Deere also announced plans for six new factories in China, Brazil and India, which are expected to help push up the company’s growth. Despite the overall positive growth worldwide, the company said that economic concerns in Europe mean that construction and forestry sector sales are likely to be similar to those in 2011.