The top maker of agricultural machinery is taking a page from Silicon Valley, investing in mobile apps that let farmers monitor the spacing between seeds and connecting its iconic green tractors and combines with sensors that detect when a machine needs to be repaired or replaced. The new focus on tech is an effort to fight slumping sales. But it’s an uphill battle. Falling crop prices have put a massive dent in Deere’s sales, which came in at $28.9 billion in 2015, 20% down from the year before. What’s worse, the company expects that 2016 will be even worse for the farming business.
News about Deere
The equipment maker is partnering with drone startup, Kespry.
Company hit by softness in agriculture and construction.
The warning comes days after Berkshire's disclosure.