Deere & Co. is laying off nearly 600 workers as the farm equipment manufacturer deals with declining demand.
The company reported a quarterly profit of $2.37 billion, below the $2.86 billion it reported in the same period last year
Deere confirmed Monday that the production positions being cut are concentrated at two factories in Iowa and one at its home base in Moline, Illinois, where 280 employees will be laid off effective Aug. 30. A combined 310 workers will be let go at the Iowa locations. in revenue, the third straight quarter of year-over-year sales declines.
The U.S. Department of Agriculture anticipates that 2024 net farm income, which is a broad measure of profits, will total $116.1 billion. That’s down 25.5% from a year earlier. Adjusting for inflation, net farm income is expected to be down 27.1% this year as farmers contend with lower prices for soybeans and corn. The USDA said that lower direct government payments and increased production costs are also weighing on farmers.
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