Deere & Company said it will place approximately 460 employees who work in the company's Waterloo, Iowa, operations on indefinite layoff in response to current market demand for its products. Deere said employees were informed today of the layoffs, which are effective October 20, 2014.
When Deere announced third quarter earnings on August 13, 2014, the company said it planned to reduce agricultural equipment production for the balance of the year.
Deere has emphasized that the company must match the size of its manufacturing workforce with market demand to remain globally competitive. Deere had hired several hundred manufacturing employees in recent years to meet increased demand for products manufactured in its Midwest U.S. factories.