x
Breaking News
More () »

YOUR MONEY with Mark: Impact of Deere strike in Quad Cities area

Financial Advisor Mark Grywacheski got into the news Monday, Oct. 18.

MOLINE, Ill. — At the end of the day on Wednesday, Oct.13, it was announced that the union had authorized a strike for their members working at John Deere facilities. 

John Deere and union leaders had until midnight to come to an agreement.  A strike was one of three potential outcomes Wednesday night. They were either going to reach a new contract deal, extend the deadline or authorize a strike.

What does the strike mean for the Quad Cities area? Financial Advisor Mark Grywacheski got into that Monday, Oct. 18. He says farmers are starting to get concerned that parts and equipment used to keep their operations up and running will now face even greater delays.

"The longer this strike lasts, the more disruptive it becomes not only to John Deere but also to the broader Quad Cities community," he said Monday.

Deere stock reached a record high $394 a share in May. It was down about 16% Friday, Oct. 15, likely because of the strike. When UAW workers went on strike in 1986, dividends to shareholders were cut in half from "12.5 cents to 6.25 cents."