WATERLOO – BUSINESS – Deere & Company (NYSE: DE) announced today that it will place approximately 460 employees who work in the company’s Waterloo, Iowa operations on indefinite layoff in response to current market demand for its products. Deere said employees were informed today of the layoffs, which are effective October 20th.
“Layoffs are never easy because we understand the significant impact this action has on our employees, their families, and the community,” said Dave DeVault, factory manager. “We very carefully assess our workforce requirements to ensure we make the best possible decision to respond to various market conditions.”
When Deere announced third quarter earnings on August 13th, the company said it planned to reduce agricultural equipment production for the balance of the year.
Deere has emphasized that the company must match the size of its manufacturing workforce with market demand to remain globally competitive. Deere had hired several hundred manufacturing employees in recent years to meet increased demand for products manufactured in its Midwest U.S. factories.