Furthermore, Massey was particularly hit hard: since it mainly financed its operations with short-term debt, its financing cost went up dramatically.
? Low demand ? The above-mentioned contractionary monetary policy pushed the American economy into recession. Massey's renewed drive into North America (by 1978, it had introduced a new range of large, high-horsepower tractors and an improved baler line) unfortunately coincided with the slow down in US demand... displayed 300 characters
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Massey's renewed drive into North America (by 1978, it had introduced a new range of large, high-horsepower tractors and an improved baler line) unfortunately coincided with the slow down in US demand. The company's efforts to penetrate the North American market thus remained unsuccessful.
Specific problems:
? Debt level and structure ? Massey's financing choices over the years brought with them many problems, which aggravated the already grim situation in the product markets... displayed 300 characters
