Deere to lay off 163 manufacturing workers in U.S.

This post was originally published on this site
© Reuters. Equipment for sale is seen at a John Deere dealer in Denver© Reuters. Equipment for sale is seen at a John Deere dealer in Denver

CHICAGO (Reuters) – Deere & Co. (N:) said on Tuesday it will indefinitely lay off 163 U.S. manufacturing workers at plants that make agricultural, forestry and construction equipment, citing decreased customer demand.

The announcement comes months after the company said it would reduce production by 20% at its facilities in Illinois and Iowa in the second of half of the year.

The facilities affected by the layoffs are Harvester Works in Illinois and Davenport Works in Iowa. The Illinois facility makes large agriculture equipment. The Iowa plant manufactures construction and forestry equipment.

Deere is also reviewing its costs after a combination of the U.S.-China trade war and bad weather dented its quarterly profits, forcing the company to trim its full-year earnings forecast for a second time in the past three months.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.