Reported 6 months ago
Deere & Co., the top farm machinery seller globally, will be laying off an unspecified number of employees in its production and salaried workforce due to increasing operational costs and decreasing demand, as indicated in a letter from CEO John May seen by Bloomberg. The company's annual outlook was recently reduced, reflecting a decrease in agricultural income affecting farmers' ability to invest in new equipment. Final decisions on the employee adjustments are expected by the end of the third quarter in July.
Source: YAHOO