Deere (NYSE:DE) layoffs are a hot topic on Wednesday after the tractor and farm equipment company announced job cuts coming in 2024.
Deere let its employees know about the layoffs and then announced them to the public via a filing with the U.S. Securities and Exchange Commission (SEC). In that filing, the company notes that it is reducing jobs in its production and salaried workforce.
Deere is enacting these layoffs to help it meet strategic priorities while also reducing overlap. It will also help cut down on redundant roles and responsibilities at the company.
Deere also notes that it is expecting these layoffs to start later this year. The company says the salaried portion of the jobs cuts will take place in the third quarter of 2024. It also says these workforce reductions don’t change its previous guidance from May 16.
Deere Layoffs Extend Trend
There have been plenty of layoffs taking place at more than just Deere recently. Many companies are working to cut operating costs as they deal with a tough economy. That includes high inflation and interest rates.
DE stock is down slightly as of Wednesday morning. That comes without much trading as only 359,000 units have changed hands. Its daily average trading volume is about 1.4 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
