Deere is laying off nearly 600 workers as the farm equipment manufacturer deals with declining demand. Deere said 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.
FILE - An attendee looks at a John Deere automated tractor at the John Deere booth during the CES tech show on Jan. 5, 2022, in Las Vegas. Deere & Co. confirmed Monday, July 1, 2024, that it’s laying off nearly 600 workers as the farm equipment manufacturer deals with declining demand. FILE - A consist of John Deere tractors sit in Norfolk Southern’s Conway Yard in Conway, Pa., Dec. 5, 2022. Deere & Co.
Deere & Co. turned in a quarterly profit of $2.37 billion, down from $2.86 billion in the same period the previous year, and lowered its full-year 2024 profit forecast for a second time as farmers continued to buy fewer tractors and other equipment due to declining prices for their crops. 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.
At the same time, Deere informed some workers at its seeding and cylinder operations in Moline that over 120 production employees would be placed on indefinite layoff effective June 28.
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