29 October 1998
New Holland sees no recovery before late 1999

THE worlds largest manufacturer of farm tractors, New Holland, said yesterday (Wednesday) that it sees no prospects of recovery in the machinery market before late 1999.

The company, which has issued two profits warnings during the third quarter of this year, plans a 17% cut in output in the fourth quarter.

Third quarter net income fell to $1.1 billion (£664m), from $1.4bn for the same time last year.

The company is controlled by Fiat of Italy.