July 6, 2009
Deere’s salaried workers in U.S. line up for buyout program
MOLINE, Illinois
Deere&Co. says about 800 salaried workers in the United States have decided to leave the world’s largest farm machinery maker under a voluntary separation program.
The number of workers taking the offer was about four times as many as the company expected when it announced the program in April and represents about three per cent of Deere’s overall salaried workforce.
The company expects to realize US$75 million in savings in the first year, after pretax expenses of about US$100 million recorded mostly in the fourth quarter. Previously, the company expected US$50 million in savings.
In April, the Moline, Ill.,-based company said it would combine its agricultural and commercial and consumer equipment divisions. The job cuts are intended to help the company reduce costs.
Associated Press
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