John Deere has lower greater than 4,500 jobs since 2015

by Jennifer Bamberg, Examine Midwest, Examine Midwest
January 14, 2025

by Jennifer Bamberg, Examine Midwest, Examine Midwest
January 14, 2025

For almost 200 John Deere staff in Iowa, the primary few days of 2025 marked the tip of their employment. 

On Jan. 3, 112 workers had been laid off on the Waterloo facility and 80 had been laid off at John Deere Davenport Works. Subsequent month, 75 further workers shall be laid off at a plant in Ottumwa, Iowa,  in response to a assessment of WARN layoff information.

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The Moline, Illinois-based agricultural big laid off 2,167 staff in 2024 at amenities in Waterloo, Davenport, Dubuque, Ankeny, Johnston, Urbandale, Ottumwa in Iowa and in Moline and East Moline in Illinois, in response to layoff information.

In a press release issued Monday, Deere attributed the cuts to “difficult market situations” and subsequent decrease demand from farmers.

Deere’s income peaked at document highs in 2022 at $10.16 billion, partly as a result of Russia’s invasion of Ukraine that despatched crop costs hovering within the U.S., permitting farmers to spend extra on gear, in response to Bloomberg. Since then, gross sales have declined 20% and Deere’s inventory worth is down 16%, in response to the corporate. Earnings in 2023 fell to $7.1 billion.

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CEO John Could acquired $26.7 million in compensation in 2023 and $20.3 million in 2022, in response to the corporate’s public filings with the Securities and Alternate Fee. 

In a assertion from Oct. 16 concerning final yr’s layoffs, Deere famous that the U.S. Division of Agriculture had projected row-crop money receipts to fall significantly  for 2024 following a 5% drop in 2023.

The assertion additionally famous that the typical worth for corn being harvested on the time was down 37% from 2022. Soybean costs had been down 24% and wheat costs had declined 35%.

In June, Deere & Co introduced plans to maneuver manufacturing of skid steer loaders and compact monitor loaders from a facility in Dubuque, Iowa to Mexico by the tip of 2026. A Deere consultant instructed Industrial Gear Information that the transfer is “unrelated to the layoffs.”

In September, then-Republican presidential nominee Donald Trump threatened to impose a 200% tariff on John Deere merchandise inbuilt Mexico, and erroneously claimed in October that the corporate referred to as off the transfer in response. A spokesperson for Deere & Co. instructed Bloomberg that no modifications have been made to shift some manufacturing from Iowa to Mexico. 

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