Deere to Cut 1,250 Jobs as Product Demand Lags
Bloomberg News
Deere & Co. said it plans to eliminate 1,250 jobs, or 8% of its U.S. salaried work force, to trim expenses as demand for construction and lawn equipment dwindles.
The company offered early retirement to 2,500 workers, with the goal that half will accept. Deere, which employs 43,700, expects the action to save $90 million a year.
The Moline, Ill.-based company plans to take a $140-million charge in its fiscal fourth quarter ending in October to cover severance and other costs. Deere fell 96 cents to $37.04 on the NYSE.
