Around 800 Deere employees accept voluntary buyouts
Deere & Co. expected savings of $50 million from the buyout of 800 of its employees. - Photo courtesy of John Deere
Equipment manufacturers are using whatever means necessary to try and stay afloat. More employees accepted Deere & Co.’s voluntary buyout offer than the equipment manufacturer had anticipated. About 800 employees accepted the voluntary separation package, which will cost Deere close to $100 million in pretax expenses but will still save about $75 million in the first year. The company had expected savings of $50 million from the buyout.
Shares of Deere & Co. also dropped 5.2% on news of an employee buyout. Shares of Caterpillar dropped 4.9% on June 30, and the stock was the Dow Jones Industrial Average’s largest decliner. The shares fell after an announcement that consumer confidence ebbed in June. – Courtesy of Outdoor Power Equipment Institute
