Reported about 1 year ago
John Deere, the veteran American agricultural tractor manufacturer with a century-long history, has recently confirmed plans to lay off over 600 employees due to soaring operating costs. The laid-off staff can receive up to 6.5 months of severance pay. In addition to the layoffs, John Deere will also relocate some production lines to Mexico by the end of 2026. This move comes after the company's previous layoff of 225 employees last year and has sparked discontent among grassroots employees, who view the company's actions as driven by greed. As of last Friday, John Deere's market value reached $102.81 billion, with the company forecasting a significant decline in sales of large agricultural equipment alongside a second adjustment to its annual profit expectations.
Source: YAHOO