Deere to Cut 125 Jobs at Two Iowa Plants
March 10 2016 - 5:18PM
Dow Jones News
By Tess Stynes
Deere & Co. said it is laying off roughly 125 employees
across two plants in Iowa, marking the latest in a series of job
cuts as the farming machinery giant struggles with weak demand.
The Moline, Ill., company last month trimmed its 2016 revenue
and earnings forecasts, underscoring the continued unraveling of
demand for Deere's green-and-yellow farm machinery, suggesting a
downturn that began in 2014 could extend into 2017. Its
construction and forestry unit--which generates roughly one-quarter
of Deere's annual equipment sales--also is struggling amid lower
demand from the energy industry.
The latest job cuts include 75 employees at Deere's Dubuque,
Iowa, factory, part of the company's construction and forestry
division. An additional 50 workers will be affected at its Ankeny,
Iowa, operation, part of the agricultural and turf business.
Last month, Deere announced roughly 100 layoffs at factories in
its construction and forestry division at plants in Dubuque and
Davenport, Iowa. In December, the company unveiled plans to lay off
about 220 workers at John Deere Seeding and Cylinder in Moline,
Ill.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
March 10, 2016 17:03 ET (22:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Deere (NYSE:DE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Deere (NYSE:DE)
Historical Stock Chart
From Sep 2023 to Sep 2024