REPORT: Layoffs for Deere & Company
Deere & Company Deere & Company, the Moline, Ill.-based manufacturer of John Deere tractors, mowers and construction equipment, will lay off more than 160 employees at factories in
About 50 employees at John Deere Harvester Works in East Moline, Ill., will be placed on an indefinite layoff beginning Oct. 28.
Another 113 production employees at John Deere Davenport Works in Iowa will also be laid off indefinitely, effective Nov. 18.
The layoffs arrive after the company said it would reduce production by 20% at its facilities in Illinois and Iowa in the second of half of the year to keep inventory in line with retail demand, according to a report by Reuters.
The trade war between the United States and China has taken its toll on Deere & Company on a number of fronts, including farmers putting off major agriculture equipment purchases.
In August, Deere reported a third quarter revenue of $8.97 billion, down 3% from revenue of $9.29 billion in the third quarter 2018. The company also reported a net income of $899 million for the quarter, down a little more than 1% compared to a net income of $910 million for the same period a year ago.
At the time, CEO Samuel Allen said, “John Deere’s third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector.”
Deere & Company also reduced its revenue and earnings projections for the year.
About 50 employees at John Deere Harvester Works in East Moline, Ill., will be placed on an indefinite layoff beginning Oct. 28.
Another 113 production employees at John Deere Davenport Works in Iowa will also be laid off indefinitely, effective Nov. 18.
The layoffs arrive after the company said it would reduce production by 20% at its facilities in Illinois and Iowa in the second of half of the year to keep inventory in line with retail demand, according to a report by Reuters.
The trade war between the United States and China has taken its toll on Deere & Company on a number of fronts, including farmers putting off major agriculture equipment purchases.
In August, Deere reported a third quarter revenue of $8.97 billion, down 3% from revenue of $9.29 billion in the third quarter 2018. The company also reported a net income of $899 million for the quarter, down a little more than 1% compared to a net income of $910 million for the same period a year ago.
At the time, CEO Samuel Allen said, “John Deere’s third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector.”
Deere & Company also reduced its revenue and earnings projections for the year.