America’s largest farming and construction equipment maker, Deere & Company, AKA John Deere, announced Friday, February 26th, that they were laying off 100 factory workers in two plants based out of two Iowa factories as weak sales continue to hurt the company.
Effective April 1st, the two Iowa factories involved, Dubuque and Davenport, will see 100 layoffs from the company’s construction and forestry divisions. 80 of the layoffs will come from the John Deere Davenport Works, while the other 20 will be at the Dubuque location, according to a company spokesperson.
The company states that these layoffs are necessary in order to balance the size the of their workforce with current market demand. Deere is publicly traded on the New York Stock Exchange under the ticker symbol: DE, which is currently running at $80.34.
Deere reported on February 22nd that their first quarter EPS would be $0.80, down from $1.12 for the same reporting period last year. The company also stated that they had a 34% lower profit, when compared to last year’s first quarter earnings. This shows a continuing of the global downturn in the farming economy, as well as an overall weakness in the construction equipment market.
Source: RTT News
xAmerica’s largest farming and construction equipment maker, Deere & Company, AKA John Deere, announced Friday, February 26th, that they were laying off 100 factory workers in two plants based out of two Iowa factories as weak sales continue to hurt the company.
Effective April 1st, the two Iowa factories involved, Dubuque and Davenport, will see 100 layoffs from the company’s construction and forestry divisions. 80 of the layoffs will come from the John Deere Davenport Works, while the other 20 will be at the Dubuque location, according to a company spokesperson.
The company states that these layoffs are necessary in order to balance the size the of their workforce with current market demand. Deere is publicly traded on the New York Stock Exchange under the ticker symbol: DE, which is currently running at $80.34.
History
Deere reported on February 22nd that their first quarter EPS would be $0.80, down from $1.12 for the same reporting period last year. The company also stated that they had a 34% lower profit, when compared to last year’s first quarter earnings. This shows a continuing of the global downturn in the farming economy, as well as an overall weakness in the construction equipment market.
Source: RTT News