Deere & Company (NYSE: DE) – Why Deere & Company Shares Are Trading Higher Today
Actions of Deere & Company (NYSE: DE) are trading higher + after the company announced it had reached a deal with the United Auto Workers (UAW) following a multi-week strike.
Here’s what you need to know:
- In early October, thousands of unionized UAW workers quit their jobs at John Deere factories across the country.
- Workers decided to strike after company announced record revenues and profits, as wages stagnated
- Under the tentative agreement, unionized Deere workers will get pay increases of 10% in the first year and 5% each in the third and fifth years.
- Workers will receive lump sums of 3% in the second, fourth and sixth years of the agreement. They would also get a ratification bonus of $ 8,500 and no change in the cost of their health insurance, according to an NPR report.
- The strike was not without tragedyâ¦ UAW worker Richard Rich was struck and killed by a car on Wednesday October 27th. The incident happened it was dark outside at 6 a.m., but an investigation is underway according to ABC News.
Deere & Company, together with its subsidiaries, manufactures and distributes various equipment around the world.
Deere & Co. stock was trading around 5% at $ 359.77 per share on Monday at the time of publication. The stock has a 52-week high of $ 400.34 and a 52-week low of $ 227.50.
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