Deere & Co. Cutting Production, Salaried Workforce
By Colin Kellaher
Deere & Co. plans to reduce its production and salaried workforce as part of efforts by the farm and construction machinery maker meet its strategic priorities while reducing overlap and redundancy.
The Moline, Ill., company disclosed the plans in a brief filing with the Securities and Exchange Commission without specifying how many jobs it plans to shed.
Deere currently has roughly 83,000 employees, according to data from FactSet.
Deere last month cut its profit outlook for the current fiscal year and forecast steeper sales declines across two of its three main business segments, citing shaky demand for agricultural and turf products.
The company on Wednesday said the planned job cuts don't affect the revised guidance.
Deere said it expects activities related to salaried employees will take place during the current quarter, which ends in late July.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 05, 2024 06:37 ET (10:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
13 Charts On the Market’s Q2 Turnaround
-
10 Top-Performing Dividend Stocks of Q2 2024
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations
-
Real Estate: Interest Rate Movements Drive Performance
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities