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Report: Deere to let 163 employees go amid low customer demand

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Report: Deere to let 163 employees go amid low customer demand

Farm equipment maker Deere & Co. will let 163 employees go for an indefinite period of time at manufacturing facilities in Iowa and Illinois amid low customer demand, Reuters reported, citing the company.

The company reportedly plans to lay off some 50 workers at its East Moline, Ill.-based large agriculture equipment manufacturing plant, the company told Reuters in an emailed statement. Another 113 employees would be laid off at its Davenport, Iowa-based construction and forestry plant.

Deere previously announced an expected production cut of 20% at both facilities in the second half to match falling retail demand, according to the report.

Deere lowered its full-year net income guidance for fiscal 2019 as it reported third-quarter earnings that missed analyst expectations, with Deere Chairman and CEO Samuel Allen noting that the results reflected the "high degree of uncertainty that continues to overshadow the agricultural sector."

"Concerns about export-market access, near-term demand for commodities such as soybeans, and overall crop conditions, have caused many farmers to postpone major equipment purchases," Allen added.