Deere to cut 1,250 jobs, offers early retirement to 2,500

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Deere to cut 1,250 jobs, offers early retirement to 2,500

Associated Press June 28, 2001

MOLINE, Ill. -- Deere & Co. today announced plans to cut 1,250 jobs by offering a voluntary early retirement program, a move the machinery maker says will save $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 officer, 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.

http://www.chicagotribune.com/business/businessnews/article/0,2669,ART-52690,FF.html

-- Martin Thompson (mthom1927@aol.com), June 28, 2001


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