Deere rolled out a volunteer employee buyout program last week ahead of its fourth-quarter earnings call.
Ken Golden, Deere’s director of global public relations, said the voluntary separation program is being offered to segments of Deere’s employees.
“Some employees working in precision technologies and other new product programs are examples of those who are not eligible,” he said.
“Deere is deploying this voluntary separation program to create a leaner, more focused organization that is more agile and has the skills and competencies needed for the future,” Golden said.
Deere officials declined to comment on how many workers were offered the program or if there is a goal of how many employees will participate in it. Deere last offered a buyout this broad in 2016.
“Even though we’re making adjustments for the future, this is the second-best net income in history,” Golden said. “That’s quite an accomplishment in a year where we had so many uncertainties.”
Source: Quad City Times