State and Nation Business

Deere to lay off about 460 from tractor plant

This June 8, 2014 photo shows the John Deere farming logo is seen at a farming equipment dealership in Petersburg, Ill. Deere is laying off about 460 employees indefinitely from an Iowa tractor factory as it continues to adjust to market demand. (AP Photo/Seth Perlman)
This June 8, 2014 photo shows the John Deere farming logo is seen at a farming equipment dealership in Petersburg, Ill. Deere is laying off about 460 employees indefinitely from an Iowa tractor factory as it continues to adjust to market demand. (AP Photo/Seth Perlman)

MOLINE – Agricultural equipment maker Deere is laying off about 460 employees indefinitely from an Iowa tractor factory as it continues to adjust to market demand.

The Moline company said Friday that the latest round of layoffs will be effective Oct. 20. Deere said last week that it would lay off more than 600 employees at four Midwest factories that make harvesting and other agricultural equipment due to slumping demand.

The latest layoffs will happen at the company’s Waterloo, Iowa, operations. Last week’s announcement involved factories in East Moline and Moline as well as Ankeny, Iowa, and Coffeyville, Kansas.

The company said also said last week that it was implementing seasonal and inventory adjustment shutdowns and temporary layoffs at those factories as well as one in Ottumwa, Iowa.

Deere’s third-quarter profit dropped 15 percent as sales weakened, and the company said earlier this month that it planned to reduce agricultural equipment production for the remainder of the year. The company had hired several hundred manufacturing employees in recent years to meet demand for products made in its Midwest factories.

“We match the size of our manufacturing workforce with market demand,” spokesman Ken Golden said Friday.

Deere & Co. is the world’s biggest farm equipment supplier and employs about 31,000 people in the United States and 67,000 overall.

Company shares fell $1.37 to $84.84 in Friday afternoon trading while the Standard & Poor’s 500 index was nearly flat.

Loading more

Digital Access

Digital Access
Access nwherald.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Local news, prep sports, Chicago sports, local and regional entertainment, business, home and lifestyle, food, classified and more! News you use every day! Daily, weekend and Sunday packages.

Text Alerts

Text Alerts
Stay connected to us wherever you are! Get breaking news updates along with other area information sent to you as a text message to your wireless device.

Email Newsletters

Email Newsletters
We'll deliver news & updates to your inbox. Plan your weekend and catch up on the news with our newsletters.