John Deere, a major agricultural machinery company, has announced layoffs that will affect workers in Iowa and Illinois. The cuts will occur at production facilities located in Davenport, Iowa, Moline, Illinois, and East Moline, Illinois. The layoffs will reduce the company headcount by 287 employees, and John Deere states that the cuts are due to a changing market and declining demand. The demand for agricultural machinery has decreased due to lower crop prices and greater borrowing costs due to high interest rates. John Deere stated that the layoffs are not due to production shifting to other locations, but solely because of the changes in demand. The company has conducted several rounds of layoffs in the past year, and around 2600 workers have been impacted by the cuts. Affected workers will receive supplemental unemployment pay and transitional assistance.
See "John Deere announces layoffs due to decline in demand for agricultural machinery", Kevin Baskins, Des Moines Register, October 21, 2024