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DEERE & COMPANY ANNOUNCES FURTHER REDUCTIONS OF FISCAL 1992 PRODUCTION SCHEDULES

 DEERE & COMPANY ANNOUNCES FURTHER REDUCTIONS OF
 FISCAL 1992 PRODUCTION SCHEDULES
 MOLINE, Ill., July 27 /PRNewswire/ -- Deere & Company (NYSE: DE) today announced that it has further reduced fiscal 1992 production schedules. The new production cuts primarily affect combines and certain models of large tractors.
 Deere & Company Chairman and Chief Executive Officer Hans W. Becherer said, "Industry retail sales of agricultural equipment, both domestically and overseas, have been very weak in recent months as farmers continue to be cautious about major capital purchases.
 "Worldwide production tonnage during the second half of fiscal 1992 is now expected to be down about 13 percent from the same period last year, with fourth quarter tonnage down about 20 percent," Becherer said. "Production schedules for the 1992 fiscal year are now about 9 percent below those in 1991. Accordingly, profitability is expected to remain under pressure and our equipment operations will incur a net loss during the final six months of 1992 and for the entire fiscal year. However, our financial services operations are expected to continue to perform well during the last half of 1992."
 -0- 7/27/92
 /CONTACT: Robert J. Combs of Deere & Co., 309-765-5014/
 (DE) CO: Deere & Company ST: Illinois IN: MAC SU:


SH -- NY057 -- 3479 07/27/92 11:30 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
Words:210
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