Deere announces additional layoffs in Iowa
Deere, the well-known company in the world of farm equipment, has unfortunately announced another round of layoffs at its Waterloo Works plant in Iowa. This facility happens to be Deere’s largest plant, making it a significant location for the company.
According to the state’s Worker Adjustment and Retraining Notification (WARN) website, more than 100 workers at the plant will be laid off effective January 5, 2025. This marks the sixth round of layoffs by Deere in Waterloo, Iowa, especially known for its tractor manufacturing. Overall, Deere has had to let go of over 1,000 workers due to lower farm income projections for 2025, leading to a decrease in demand for new equipment.
Currently, Deere’s Waterloo operation employs a total of 4,700 people, out of which approximately 2,700 are involved in production and maintenance roles. In a recent statement following the fourth-quarter earnings report, Deere shared that challenging market conditions have resulted in a decline in demand for their equipment, with a notable $3 billion decrease in net income for fiscal year 2024. The company emphasized the necessity of ongoing adjustments to stay competitive on a global scale.
