HomeIndustriesJohn Deere to Cut 600 Jobs Amid Declining Demand for Its Products

John Deere to Cut 600 Jobs Amid Declining Demand for Its Products

Farm equipment manufacturer John Deere will cut 600 jobs by the end of the summer in an attempt to cut costs following a declining demand for its products.

The company announced the move on Monday, saying that the layoffs will take place at its two plants in Iowa and plant in East Moline, Illinois, and become effective by the end of August. It also added that laid-off workers will receive Supplemental Unemployment Benefits (SUB) as well as profit-sharing options and health benefits.

John Deere said in a statement that the job cuts were necessary as the demand for products manufactured in Iowa and Illinois plants has been greatly reduced.

“We can confirm Deere leadership recently communicated that rising operational costs and declining market demand requires enterprise-wide changes in how work gets done to achieve our goals and best position the company for the future,” John Deere said in a statement.

In a previous attempt to cut costs, John Deere announced its intention to move production of some of its heavy machinery to a factory in Mexico. It also laid off roughly 500 workers from its plant in Waterloo, Iowa, in April and May.

During its most recent quarterly report in May, John Deere revealed a profit of $2.37 billion, down from $2.86 billion in the same period in 2023. The company also slashed its profit forecast to $7 billion compared to the previous prediction of $7.50 billion to $7.75 billion.

Warner Bros, Discovery Looking to Split Businesses to Boost Its Stock

Warner Bros. Discovery, the entertainment conglomerate behind cable network HBO, Warner Bros. film and TV studios, and streamer Max, is exploring several options that...

Domino’s Pizza Stock Falls Amid Worse-Than-Expected Sales in Q2

The shares of Domino’s Pizza tumbled 12% on Thursday after the pizza restaurant chain reported worse-than-expected sales in the second quarter and adjusted its...

Ray-Ban’s Owner EssilorLuxottica Acquires Streetwear Brand Supreme in $1.5 Billion Deal

Italian-French corporation EssilorLuxottica, which owns the legendary sunglasses and eyeglasses brand Ray-Ban, has acquired streetwear maker Supreme from VF Corporation in a $1.5 billion...