Deere: 800 Employees Take Buyout Offer

Deere & Co said that approximately 800 employees, more than expected, took a buyout offer, raising the amount of the charge associated with those departures. The Moline, IL-based company now expects to record a pretax charge of $100 million, primarily in its fourth fiscal quarter, which ends in October.

When Deere announced the planned job cuts in April, it forecast that 200 salaried employees would leave, leading to a $25 million pretax charge. In May, when it reported second fiscal quarter earnings, it raised that forecast amount to $50 million.

The departures, which are the result of Deere’s move to combine its agricultural business with its commercial and consumer equipment unit, will save about $75 million in their first year, the company said. Deere employs about 55,000 people worldwide.