Benzinga | Nov 1, 2021 03:23PM EDT

Why Deere & Company Shares Are Trading Higher Today

Shares of Deere & Company (NYSE:DE) are trading higher+ after the company announced that it reached a deal with the United Auto Workers (UAW) labor union following a weeks-long strike.

Here's what you need to know:

In early October, thousands of UAW union laborers walked off of the job at John Deere's plants throughout the country

* The workers decided to strike after the company reported record earnings and profits, while wages were stagnant

* Under the tentative agreement, union workers at Deere will get wage increases of 10% in the first year and 5% each in the third and fifth years

* The workers will get 3% lump sums in the second, fourth and sixth years of the deal. They would also get a ratification bonus of $8,500 and no changes in the cost of their health insurance, according to an NPR report.

* The strike did not occur without tragedy... a UAW laborer, Richard Rich, was struck and killed by a car on Wednesday, Oct 27. The incident occurred while it was dark outside at 6 in the morning, but there is an ongoing investigation according to ABC News.

Deere & Company, together with its subsidiaries, manufactures and distributes various equipment worldwide.

Deere & Co.'s stock was trading about 5% higher at $359.77 per share on Monday at the time of publication. The stock has a 52-week high of $400.34 and a 52-week low of $227.50.