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John Deere Tractors
Justin Sullivan / Getty Images
Deere
Workers represented by the United Auto Workers union rejected a new six-year collective agreement with the farm equipment giant.
A statement from the UAW said 90% of its members voted against the contract proposal.
The contract, which included higher wages and increased benefits, would have covered more than 10,000 workers at 14 facilities across the United States, according to Deere (ticker: DE).
“After weeks of negotiations, John Deere reached tentative agreements with the UAW that would have significantly improved our industries’ most comprehensive wages and benefits for our employees,” said Brad Morris, vice president of relations Deere Workplace, in a statement.
“John Deere remains fully committed to continuing the collective bargaining process with the goal of better understanding the perspectives of our employees. In the meantime, our operations will continue as normal. “
The UAW said a strike deadline was set for 11:59 p.m. on Wednesday. Negotiators are expected to return to the negotiating table on Monday.
Deere shares fell to $ 340.79 on Monday. The stock has gained nearly 27% so far in 2021.
Analysts polled by FactSet have an average overweight weighting in the stock and an average price target of $ 415.45.
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