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Non-Tech : New Holland and the Ag Equipment Group
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To: Bob Rudd who wrote (61)3/15/1999 6:53:00 PM
From: James Clarke  Read Replies (2) of 113
 
re: Inventories
I don't know where you saw that Deere has 1.5 months of inventory, but that's the number I have. I figure Deere is at about 4-5 months, with Case and New Holland around 6. That's not as bad as the last cycle, when Case was at a year of inventory and still producing at full capacity. That is the difference this time - they have all cut production pretty drastically, so that inventory should not build further. I have not heard any evidence of big discounting, which is what has killed these guys in past cycles. (If you've got 12 months of inventory and are producing at full capacity, you're going to sell those tractors for whatever you can. And then the other companies have to match your price to sell theirs.) So far we're not seeing that this time.

JJC
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