The agricultural manufacturer is cutting 460 jobs in its Waterloo, Iowa operations. Employees were notified today that they will be losing their jobs and they will be officially unemployed by October 20.
Most of the Deere layoffs affect workers involved in tractor cab assembly operations and drivetrain operations. The company will announce third-quarter earnings on August 30.
“Layoffs are never easy because we understand the significant impact this action has on our employees, their families, and the community,” said factory manager Dave DeVault.
“We very carefully assess our workforce requirements to ensure we make the best possible decision to respond to various market conditions.”
DE stock is down about 1.7% Friday afternoon.
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