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Strategies & Market Trends : Recovery, Recession or Stagflation

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To: Alomex who wrote (22)	6/28/2001 5:02:28 PM
From: Alomex	Read Replies (1) of 25

nando.com Business: Deere to cut 1,250 jobs through retirement offer The Associated Press MOLINE, Ill. (June 28, 2001 9:49 a.m. EDT) - Deere & Co. on Thursday announced plans to cut 1,250 jobs through a voluntary early retirement program. The machinery maker says the buyout offer will save about $90 million annually. Moline-based Deere said the early retirement option - which will reduce its work force by about 8 percent - will be offered to about 2,500 salaried employees. Those who accept will leave the company between Oct. 31 and Dec. 31. "The special early retirement offer is a part of ... ongoing efforts to run lean and enhance our efficiency, competitiveness and financial strength for future growth opportunities," Robert W. Lane, Deere's chairman and chief executive, said in a statement. "The durable nature of this improvement in our cost structure will benefit the company in all market conditions." Eligible employees will receive details of the early retirement program beginning July 10 and will have until Oct. 18 to decide whether to accept the offer. Deere is one of the world's largest manufacturers of agricultural machinery, including John Deere tractors. It also manufactures and distributes equipment for construction, forestry and public works and produces a variety of commercial and consumer equipment.

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