Recently, American tractor mainstay Deere put up some downright upsetting news: massive layoffs were coming as the American tractor mainstay decided that it was likely better off to be produced in Mexico. That prompted a slew of shareholders to write John Deere a Dear John and sell off, sending Deere shares slumping over 2% in Monday afternoon’s trading.
It’s the world’s largest seller of crop harvesters and tractors alike, but that didn’t protect Deere jobs as about 610 of them faced layoffs in plants in both East Moline, Illinois and both Davenport and Dubuque, Iowa. The East Moline plant will lose 280 jobs, reports noted, while the Dubuque plant will lose 230. Meanwhile, the Davenport plant will see about 100 jobs lost, and no matter where your job gets lost from, it will be gone starting August 30.
As for why the layoffs took place to begin with, the reason seems simple: a lack of demand. That might seem a bit hard to swallow in light of the fact that Deere brought in $10.166 billion in profits in 2023, but for those particular plants, that might be the case. Of course, if that is the case, it’s easy to wonder why no one was offered jobs at other plants that are clearly doing land-office business.
https://www.msn.com/en-us/money/companies/job-cuts-at-deere-nyse-de-prompt-shareholder-departure/ar-BB1per9A?