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Benzinga
Benzinga
Business
Akanksha Bakshi

Deere To Move Cab Production To Mexico: Reuters

DE (Organization) Deere Mexico Waterloo United States Iowa
  • Deere & Company (NYSE:DE) plans to move its cab production from Waterloo, Iowa plant to Mexico due to a tight labor market in the U.S., Reuters reported.
  • The transfer of cab production to the components plant in Ramos, Mexico, is expected to be completed by 2024, impacting about 250 employees.
  • Also Read: Deere Shares Drop After Q2 Results, Despite Beating Street Expectations, Read How Analyst Reacted To Deere's Q2 Results
  • "The decision to move cab production ensures the company can balance workforce needs within the tight labor market, while also ensuring Waterloo can open up floor space to manufacture new products," the report cited the company.
  • A severe labor shortage is driving up wage growth, raising prices for U.S. businesses battling inflationary pressures.
  • Price Action: DE shares are trading lower by 0.17% at $360.42 on the last check Friday.
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