Iconic John Deere Lays Of 11% As Demand For Equipment Dwindles
ThomasDishaw.com
JULY 22, 2016
Another dangerous sign for the economy as John Deere lays off 11%, citing dwindling demand for big machinery according to this Street report.
Shares of Deere (DE) are down 2.41% to $80.24 in mid-afternoon trading after the company announced layoffs and lower sales expectations for the 2016 fiscal year.
The 120 employee-layoff at the East Moline, IL-based John Deere Harvester Works facility will be effective September 6. The factory currently employs about 1050 workers, meaning it will lose approximately 11% of its workforce.
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