Deere & Co has announced it will cut an unspecified number of production and salaried jobs to reduce costs in response to decreasing demand for farm equipment.Â
The company disclosed in a filing that the job cuts aim to eliminate “overlap and redundancy in roles and responsibilities.”
This announcement follows media reports about upcoming layoffs.
The decision comes shortly after Deere revised its annual profit forecast downwards for the second time.
It predicted further declines in sales of large agricultural equipment.Â
Falling crop prices have left agriculture equipment sellers with excess inventory, prompting some to offer discounts and halt new orders.
The US Department of Agriculture has also forecasted a 25.5 percent drop in farm income to $116.1 billion this year compared to 2023.
