Citing a struggling agricultural economy, the parent company of John Deere, Deere and Company, confirmed Aug. 14 that net sales and revenues were down for the third quarter.
The company, the largest manufacturer of farm equipment in the world, also said it would lay off a combined 238 workers at Harvester Works (115) in East Moline, Ill., Seeding and Cylinder (52) in Moline, and a foundry (71) in Waterloo, Iowa. Affected employees were informed Aug. 15.
For the first nine months of the year, the company’s net income was $3.952 billion, or $14.57 per share, compared with $5.855 billion, or $21.04 per share, for the same period last year, according to a news release.
“The struggling ag economy continues to impact orders for John Deere equipment,” said John May, chairman and CEO of John Deere. “This is a challenging time for many farmers, growers and producers, and directly impacts our business in the near term.”
Demand for U.S. crops has dropped precipitously, May said.
