Deere recently announced indefinite layoffs amid demand woes. Officials say more than 160 U.S. workers at agriculture machinery facilities in Illinois and Iowa will be laid off as part of a plan to reduce production by 20 percent.
The layoffs include roughly 50 workers at the Harvester Works facility in East Moline, Ill., and more than 100 workers at the Davenport Works facility in Davenport, Iowa. Deere also lowered its income forecast to $3.2 billion in August, from the previous forecast in February set at $3.6 billion.
Source: Nebraska Rural Radio Association