NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Deere, UAW agree on new 6-year contract subject to union vote

Published 10/30/2021, 01:55 PM
Updated 10/30/2021, 08:20 PM
© Reuters. FILE PHOTO: Striking members of the United Auto Workers (UAW) picket at the Deere & Co farm equipment plant before a visit by U.S. Agriculture Secretary Tom Vilsack in Ankeny, Iowa, U.S. October 20, 2021.   REUTERS/Scott Morgan
DE
-

(Reuters) - U.S. tractor maker Deere (NYSE:DE) & Co agreed on a new six-year contract with the United Auto Workers (UAW) union that would be subject to a vote by the company's striking workers, the company said in a statement on Saturday.

The new deal on wages and employee benefits covers about 10,100 employees across 12 facilities in Iowa, Illinois and Kansas.

"The negotiators focused on improving the areas of concern identified by our members during our last ratification process," said Chuck Browning, UAW Vice President and Director of the Agricultural Implement Department.

UAW said it will not release details of the tentative agreement until members at Deere locations meet and review terms of their proposed contract.

"Out of respect for the process and our employees, we’re unable to speak to the details of the agreement," the company said.

About 90% of the union's members in early October rejected a previous tentative deal agreed between Deere and the UAW, and subsequently decided to go on strike.

The strike is the first against Deere by the UAW in more than three decades and comes in the middle of the U.S. corn and soybean harvest season, at a time when farmers are struggling to find parts for tractors and combines.

© Reuters. FILE PHOTO: Striking members of the United Auto Workers (UAW) picket at the Deere & Co farm equipment plant before a visit by U.S. Agriculture Secretary Tom Vilsack in Ankeny, Iowa, U.S. October 20, 2021.   REUTERS/Scott Morgan

The last strike against Deere by the UAW was in 1986 when workers sat out for 163 days.

(This story corrects number of employees, facilities in paragraph two)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.