Deere & Co. Cutting Production, Salaried Workforce
By Colin Kellaher
Deere & Co. plans to reduce its production and salaried workforce as part of efforts by the farm and construction machinery maker meet its strategic priorities while reducing overlap and redundancy.
The Moline, Ill., company disclosed the plans in a brief filing with the Securities and Exchange Commission without specifying how many jobs it plans to shed.
Deere currently has roughly 83,000 employees, according to data from FactSet.
Deere last month cut its profit outlook for the current fiscal year and forecast steeper sales declines across two of its three main business segments, citing shaky demand for agricultural and turf products.
The company on Wednesday said the planned job cuts don't affect the revised guidance.
Deere said it expects activities related to salaried employees will take place during the current quarter, which ends in late July.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 05, 2024 06:37 ET (10:37 GMT)
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