Deere & Co. announced it will lay off more than 150 employees between October and November because of “market conditions,” according to various news reports. Deere said it will lay off more than 110 workers at its Davenport, Iowa, plant by Nov. 18 and around 50 workers from its East Moline, Ill., Harvester factory. Deere’s public relations director Ken Golden told AP that Deere has lowered its expectations for sales and net income because of decreased customer demand.
Deere said additional layoffs in other plants were not expected currently. The company said trade uncertainties and a slumping agricultural economy contributed to the layoffs. Deere CEO Samuel Allen mentioned in his comments during the company’s fiscal third quarter results conference call that concerns about export-market access, near-term demand for commodities such as soybeans and overall crop conditions have caused farmers to postpone major equipment purchases.
