Agricultural machinery firm Deere and Co. said Friday that it was laying off nearly 500 employees in Waterloo, Iowa, just one week after it let more than 600 workers go at four U.S. locations.
The company said the decision was in response to softening demand for its products. With commodity prices falling in anticipating of big corn and soybean harvests, farmers are not expected to invest as heavily in new equipment in the coming months as in recent years.
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