CHICAGO (Reuters) —Deere said it would cut an unspecified number of production and salaried jobs to save costs as it grapples with a downturn in farm equipment demand.
The cuts will reduce “overlap and redundancy in roles and responsibilities,” Deere disclosed in a filing.
The news comes weeks after the company trimmed its annual profit forecast for the second time and projected steeper declines in sales of large agriculture equipment.
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Lower crop prices are leaving agriculture equipment sellers with an excess of unsold tractors and combines, leading some to offer discounts and suspend new orders.
