Deere workers set to continue strike

A 10% wage hike offer wasn’t enough. Workers at Deere on Wednesday are set to extend their three-week old strike.

For the second time in less than a month, they voted to reject a contract reached between their union and their employer. The United Auto Workers Union said late Tuesday the strike will continue after more than half of the workers gave the thumbs down on the tentative agreement.

The UAW said that latest proposal was an improvement over the previous agreement, providing for wage hikes of 10% this year and 5% in 2023 and 2025 as well as lump sum bonuses in alternating years.

The tractor maker said that agreement would have cost the company an additional $3.5 billion.

Despite supply chain issues and inflation, Deere has been bullish about its prospects. Strong demand for its farm and construction equipment led it to raise its full-year earnings forecast in August.

Shares fell in early trading Wednesday.

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