The ongoing downturn in the ag economy is forcing another U.S. based ag manufacturer to make cuts. Kinze Manufacturing, which is based in Iowa, notified employees on Wednesday.
The company announced it is laying off 193 people out of the 815 that work at it’s facility in Williamsburg, Iowa. That equates to 23.7% of its workforce at the one location.
Employees were notified on Wednesday, and the layoffs went into effect on Thursday.
“We deeply regret the necessity of this action. This decision was not made lightly, and it is a direct response to current ag market realities,” said Kinze in a statement.
The company release also said no other reductions are planned for this time.
The company, which was founded 59 years ago, is known for its planters, grain cards and tillage equipment.
The news comes as John Deere also announced additional workforce reductions last month. Layoffs at Deere production facilities started in September of last year.
AGCO also making the decision to cut a portion of its workforce. The company, which owns equipment brands such as Fendt and Massey Ferguson, announced in a filing in June plans to cut up to 6 percent of its salaried workforce.
Just this week, AGCO reported net sales of $3.2 billion for the second quarter of 2024, which marked a 15.1 percent drop compared to the same period last year.
AGCO’s CEO says the second quarter results were influenced by weakening market conditions and significant
production cuts, which were aimed at reducing company and dealer inventories.
