DEERE & COMPANY ANNOUNCES FOURTH QUARTER RESULTS TO INCLUDE SPECIAL AFTER-TAX CHARGES
DEERE & COMPANY ANNOUNCES FOURTH QUARTER RESULTS
TO INCLUDE SPECIAL AFTER-TAX CHARGES
MOLINE, Ill., Nov. 12 /PRNewswire/ -- Deere & Company (NYSE: DE) today announced that its fourth quarter results (for the period ended Oct. 31, 1991) will include special after-tax charges totaling approximately $120 million. The charges include the cost of closing the company's foundry in East Moline, Ill., which was previously announced in September. The additional charges largely represent provisions for costs associated with employment reductions.
The company said that both hourly and salaried employment will be affected, primarily by special, early retirement programs at its manufacturing, marketing and headquarters operations. The additional charges also reflect certain provisions of the recently negotiated labor agreement relating to the foundry closing.
Deere & Company Chairman and Chief Executive Officer Hans W. Becherer said, "These actions will result in a net loss for the quarter and full year. However, they do not indicate any change in our outlook for our businesses, but reflect continuing progress toward improved efficiency and the appropriate sizing of our company for current and future levels of demand.
"When fully implemented, these actions will contribute positively to future operating results," Becherer said.
Becherer indicated that final 1991 results will not be available until early December and that fiscal 1992 production schedules would also be finalized by that time.
/CONTACT: Bob Combs of Deere, 309-765-5014/
(DE) CO: Deere & Company ST: Illinois IN: MAC SU: SH -- NY021 -- 3351 11/12/91 10:01 EST