Deere to lay off about 460 in Waterloo

Ag/Outdoor, News

August 22nd, 2014 by Ric Hanson

MOLINE, Ill. (AP) — Deere & Co. has announced hundreds of layoffs at its tractor factory in Waterloo. The Illinois-based agricultural equipment maker says about 460 workers will be laid off effective October 20. Deere said last week that it would lay off more than 600 employees at four Midwest factories that make harvesting and other agricultural equipment due to slumping demand. That layoff includes another Iowa plant, in Ankeny.

The company said earlier this month that it planned to reduce agricultural equipment production for the remainder of the year. Company shares are down 63 cents to $85.58 in early trading.