Reported 12 months ago
Deere & Co. confirms the layoffs of nearly 600 workers as the farm equipment manufacturer grapples with decreasing demand. The affected production positions are mainly in Iowa and Illinois, with executives citing ongoing sales declines and proactive measures to adjust production and inventory. The company's second-quarter earnings showed a 15% revenue drop, leading to a lowered profit forecast for 2024. The layoffs represent around 14% of the total production and maintenance workforce in the affected facilities.
Source: YAHOO