Oct 1, 2014
Home| Tools| Events| Blogs| Discussions| Sign UpLogin

Deere Lays Off 600 Workers

August 15, 2014
By: Alison Rice, AgWeb.com Markets and News Editor
John Deere 7R Series Tractors
  

Faced with low grain prices and a worsening sales decline for its agricultural products, Deere & Co. today announced it was laying off more than 600 workers at four U.S. locations.

The decision will affect employees at John Deere Harvester Works in Moline; John Deere Seeding and Cylinder in Moline; John Deere Des Moines Works in Ankeny, Iowa; and John Deere Coffeyville in Coffeyville, Kan.

Overall, the layoffs represent a sliver of Deere’s workforce; the company employs more than 67,000 people. But it does indicate how low commodity prices can affect firms that serve the farming industry, and Deere is already feeling the pressure. Earlier this week, it reduced its profit expectations for the year and noted a growing sales decline in its agricultural machinery.

That will surely be a challenge for Deere. According to Bloomberg, agricultural machinery sales represented more than three-fourths of its 2013 revenue of $38 billion.

See Comments


 
Log In or Sign Up to comment

COMMENTS (1 Comments)

PullMyFinger - Chappell, NE
Boo hoo for John Deere. Maybe their strategy of one dealership owner per State wasn't so smart.
7:29 PM Aug 17th
 



Name:

Comments:

Legacy Newsletter

Hot Links & Cool Tools

    •  
    •  
    •  
    •  
    •  
    •  
    •  

facebook twitter youtube View More>>
 
 

Follow Us

Facebook Twitter You Tube
 
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions