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Article: Deere & Company Successful in Voluntary Separation Initiative.
- Article from:
- PR Newswire
- Article date:
- June 30, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MOLINE, Ill., June 30 /PRNewswire-FirstCall/ -- Deere & Company said today that approximately 800 salaried employees will leave the company as a result of a voluntary separation program announced in April. This total will enable the company to achieve first-year savings of approximately $75 million after a pretax expense of about $100 million primarily in the fourth quarter of 2009. Previously, the company had estimated a pretax expense for the program of $50 million. This amount was reflected in the annual earnings guidance issued as part of the second-quarter earnings release on May 20.
In April, Deere announced a new global operating model that combines the ...