John Deere announced plans to lay off 119 workers at its Des Moines Works plant in Ankeny, IA, due to reduced demand and a weakened farm economy, local outlet KCCI reported.
The layoffs will occur in three phases as customer orders decline. Deere told KCCI that the USDA forecasts a decrease in row-crop cash receipts for 2024, impacting demand for the plant’s sprayers, grain and tillage tools, and cotton equipment.
Despite employing nearly 1,500 workers at the facility, Deere faces financial challenges. The company reported a first-quarter net income of $869 million, down from $1.75 billion a year earlier, with worldwide net sales dropping 30% to $8.5 billion.
