MOLINE, Ill., Aug. 22,
2014 /CNW/ -- Deere & Company (NYSE: DE) announced today that
it will place approximately 460 employees who work in the company's
Waterloo, Iowa operations on
indefinite layoff in response to current market demand for its
products. Deere said employees were informed today of the layoffs,
which are effective October
20th.
"Layoffs are never easy because we understand the significant
impact this action has on our employees, their families, and the
community," said Dave DeVault,
factory manager. "We very carefully assess our workforce
requirements to ensure we make the best possible decision to
respond to various market conditions."
When Deere announced third quarter earnings on August 13th, the company said it planned to
reduce agricultural equipment production for the balance of the
year.
Deere has emphasized that the company must match the size of its
manufacturing workforce with market demand to remain globally
competitive. Deere had hired several hundred manufacturing
employees in recent years to meet increased demand for products
manufactured in its Midwest U.S. factories.
SOURCE Deere & Company