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.
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