Deere’s (DE) Workers Just Went On Strike: Here Is Why

Thousands of United Auto Workers union members went on strike against farm and construction equipment maker John Deere early Thursday morning. Currently, the company does not know when employees harmed by the strike will continue their activities or the timing of negotiations with the UAW. Despite that, the price of Deere & Co (DE) crashed over the past five days by 5%; currently, it slightly rebounded from $325.52 to $332.29.

After weeks of negotiations, The world’s largest agricultural equipment manufacturer and the UAW union reached a salary and benefits agreement earlier this month, but 90% of the union’s workers voted no. Also, last year, employees had to make concessions regarding some benefits, and now they want to get some of them back when Deere is “very great financially,” and labor shortages persist throughout the industry.

April Sanchez

Business and Tech Reporter