Deere To Lay Off About 460 Employees In Waterloo, Iowa

(RTTNews) - Agricultural machinery maker Deere & Co. (DE) said Friday that it will indefinitely lay off about 460 employees at its Waterloo, Iowa operations, in response to current market demand for its products. The company has informed employees of the layoffs, which are effective from October 20.

Dave DeVault, factory manager said, "Layoffs are never easy because we understand the significant impact this action has on our employees, their families, and the community. We very carefully assess our workforce requirements to ensure we make the best possible decision to respond to various market conditions."

Deere has stressed that it must match the size of its manufacturing workforce with market demand to remain globally competitive. The company had hired several hundred manufacturing employees in recent years to meet increased demand for products manufactured in its Midwest U.S. factories.

In mid-August, Deere reported a 15 percent decline in profit for the third quarter from last year, reflecting weak sales of agricultural equipment due to a slowdown in the farm economy. At that time, the company said it planned to reduce agricultural equipment production for the balance of the year.

DE is currently trading at $85.49, down $0.72 0.84 on a volume of 258,823 shares.