John Deere: Deere Announces More Layoffs in Iowa, Illinois During Farm Slump

(Bloomberg) -- Deere & Co. is laying off an additional nearly 300 people in Iowa and Illinois as demand for farm equipment slows from the peak production of recent years. Inside the 'Utopias' of Mexico City How Mexico City Averted All-Out Drought One City's Plan to Re-Link a Neighborhood That Robert Moses Divided Dubai's Allure to Expats Is Weighing on City's Infrastructure Mexico Seeks to Halve Permitting Time to Attract More Factories It's the latest round of layoffs this year for the world's top agricultural machinery maker, after it slashed its annual earnings outlook in May. An expansion in crop supplies this year has pressured grain prices, leaving farmers with less to spend on new gear. The move is unrelated to plans to shift some of its production from the US to Mexico, Deere said in a statement. Former President Donald Trump has threatened to hit the company with steep tariffs if it moves jobs to Mexico. Deere has said it is committed to US manufacturing. "It is important to note these layoffs are due to reduced demand for the products produced at these facilities," the company said Wednesday. "As we have repeatedly stated, layoffs this fiscal year are due to the weakening farm economy." Deere said it boosted its work force when demand surged during the Covid-19 pandemic, which roiled supply chains, only for the farm economy to start slowing. About 200 production workers will be laid off in East Moline, Illinois; 80 workers in Davenport, Iowa; and seven in Moline, Illinois. A Fentanyl Vaccine Is a Long Shot That Just Might Work How Starbucks Became a Sugary Teen Emporium Why OpenAI Is at War With an Obscure Idea Man The World's Central Banks Aren't Following the Fed's Lead Anymore When a Miracle Cure Is Left on the Shelf ©2024 Bloomberg L.P.