New Delhi, June 30: John Deere, the agricultural equipment manufacturer, has reportedly announced a new round of layoffs. The layoffs follow previous workforce reductions earlier this year at various John Deere plants, including in East Moline, Moline, and Ankeny, Iowa, impacting hundreds of employees. The company has also laid off its employees from the Waterloo plant in Iowa. The layoffs are expected to be part of John Deere's strategic move to realign its operations and enhance its positioning in the market. The company reported profits of USD 10.166 billion last year, but it has also communicated that operational costs are rising and market demand is declining, which requires organisational changes.

As per a report of Fox Business, the company is set to lay off approximately 610 production workers at its facilities in Illinois and Iowa by the end of the summer. As per the report, the layoffs might include 280 employees at a plant in East Moline, Illinois, 230 workers at a factory in Davenport, Iowa, and around 100 staff members at the Dubuque, Iowa, plant. Yes Bank Layoffs: Private Sector Bank Lays Off Around 500 Employees in Cost-Cutting Move; Check Details.

The company cites a decrease in demand for its products from these specific factories as the primary reason for the job cuts. The layoffs will take effect starting from August 30. The report suggests that workers will be provided with a Supplemental Unemployment Benefit covering approximately 95% of their weekly net pay for up to 26 weeks, along with profit-sharing options and health benefits. Planet Labs Layoffs: Earth Imaging and Monitoring Company Lays Off 17% of Its Workforce, Around 180 People as Part of Cost-Cutting Measures.

The Department of Agriculture predicts that farm income will decrease by 25.5% to USD 116.1 billion this year compared to 2023. The company has lowered its annual profit forecast for the second time and expects a bigger drop in sales of large agricultural equipment. In addition, there have been reports of job cuts. John Deere recently made an announcement that it will be relocating the production of skid steer loaders and compact track loaders from its Dubuque facility to Mexico by the end of 2026 to enhance their factories for upcoming products and increase its operational efficiency.

(The above story first appeared on LatestLY on Jun 30, 2024 12:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).