One of America's most recognizable agricultural equipment companies, Deere & Company ( DE ), will layoff roughly 220 workers from its Seeding and Cylinder operation, according to CBSNews.com . The article cites the layoffs are a result of a sales slump in agricultural machinery.
The Moline, Illinois based company said Monday that the layoffs, effective Feb. 15, are not like past seasonal layoffs. These specific job cuts have no specific call-back date for workers.
Deere employs about 60,000 people globally and 29,000 in the United States and Canada per CBSNews.com .
"Commodity prices have declined over the past three years, leading to weaker sales of farming machinery" states the previously citied article.
Sales of Deere's agriculture equipment, which include tractors, fell 25% in its most recent quarter.
With that being said, the company did outperform our earnings estimate by 45.95%.
Deere & Company currently has a Zacks Rank #3 (Hold).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
