MOLINE, Illinois – Deere & Company Friday announced it will reduce the size of its manufacturing workforce at some agricultural equipment factories in response to current market demand for its products. The action will place more than 600 employees at four locations on indefinite layoff.
In addition, Deere is implementing seasonal and inventory adjustment shutdowns and temporary layoffs at several of the affected factories. When Deere announced third quarter earnings on Wednesday, the company said it planned to reduce agricultural equipment production in the company’s fourth quarter.
Employees have been informed at the affected facilities, which include John Deere Harvester Works, East Moline, IL; John Deere Seeding and Cylinder, Moline, IL; John Deere Des Moines Works, Ankeny, IA; and John Deere Coffeyville, Coffeyville, KS. No other locations are included in today’s layoff announcement.
Deere has consistently said that to remain globally competitive, the company must align the size of its manufacturing workforce with market demand for products. Deere had hired several hundred manufacturing employees in recent years to meet increased demand for products manufactured in its Midwest U.S. factories.
In July, Deere informed employees at its Ankeny facility of an extended shutdown affecting most manufacturing employees at that location. Today’s announcement at that facility places some of the employees on indefinite layoff. Deere also has implemented a seasonal shutdown affecting most of the manufacturing workforce at the John Deere Ottumwa Works, Ottumwa, IA.
The day before, Deere announced equipment operations profit of $1.135 billion for the quarter and $3.387 billion for nine months, compared with $1.443 billion and $3.943 billion last year. Net sales of the worldwide equipment operations declined in recent months, as well.
With the fat cat subsidies the rich farmers are recieving they all bought new tractors/combines last year – until they need a new wax job they won’t be buying.
So why do you hate the 1993 Pontiac Lemans? What did it ever do to you?
JD 400 Backhoe Tractor 1968. Love it!
And our government says that the economy is gooood.
The economy will not last the year.
Farm Equipment has always gone up and down in cycles. Been that way for years. Farmers didn’t buy this year because of the drout last year. No big deal. This happens about every seven years. Business will start picking up again. They have to protect all the high paid managers jobs so they lay of the workers.
wanna bet?