Deere & Co. is laying off nearly 600 workers at two factories in Iowa and Illinois, citing declining demand for the decision.
A combined 310 employees will be let go at the Iowa locations and 280 employees at the company’s home base in Moline, Illinois.
Deere reported a more than 15% decline in revenue in its second-quarter earnings, the third straight quarter of year-over-year sales declines.
Company executives said they expected further sales declines in the second half of the fiscal year and said it would continue to “take proactive steps to reduce production and inventory.”
Deere & Co. turned in a quarterly profit of $2.37 billion, down from $2.86 billion in the same period the previous year, and lowered its full-year 2024 profit forecast for a second time as farmers continued to buy fewer tractors and other equipment.
