Deere and Co., the world’s leading seller of farm machinery, has announced plans to cut an unspecified number of employees from its global production and salaried workforce.
This decision comes in response to mounting operational costs and a decline in demand, as outlined in a letter sent to employees last week by Chief Executive Officer John May.
“Our economic reality – and that of our customers – has changed,” the letter stated. “Rising operation costs and declining market demand mean that we must make enterprise-wide changes in how work gets done to achieve our goals and best position the company for the future.”
The forthcoming layoffs will add to the more than 650 employees who have already been laid off or are scheduled to be laid off at Deere.
Deere and Co. employs approximately 83,000 people worldwide and holds a substantial 25.3% share of the global agricultural machinery market.
