The company is slashing around 280 workers from a plant in East Moline, Illinois, while another 230 employees are being let go at a factory in Davenport, Iowa.Â
About 100 production employees at the company’s Dubuque, Iowa, plant will also be impacted. All layoffs are said to be effective from Aug. 30, per a press release cited by several outlets.Â
According to the release, the layoffs are being made due to reduced demand for John Deere’s products from those factories.
The company says it generated $10.166 billion in profits last year.
“We can confirm Deere leadership recently communicated that rising operational costs and declining market demand requires enterprise-wide changes in how work gets done to achieve our goals and best position the company for the future,” the statement reads.
Workers are to be offered Supplemental Unemployment Benefit (SUB) which will cover about 95% of their weekly net pay for up to 26 weeks, depending on their years of service. They are also being given profit-sharing options and health benefits.Â
Deere, known for its iconic green and yellow colors and jumping deer logo, is one of America’s oldest companies, having been established in 1837, nearly 25 years before the start of the Civil War.
Earlier this month, Deere announced it is moving the manufacturing of skid steer loaders and compact track loaders from its Dubuque facility to Mexico by the end of 2026.
The company said the decision was due to it evolving its business model and to address rising manufacturing costs and improve operational efficiencies.Â
