Deere to lay off more than 600 at four U.S. plants
Deere & Co, the world's largest maker of farm equipment, said it would indefinitely lay off more than 600 employees at plants in Illinois, Iowa and Kansas as falling grain prices hurt demand for tractors, harvesters and other agricultural machinery.
The company reported a 5 percent drop in third-quarter sales on Wednesday and cut its full-year profit forecast.
Deere, whose shares were little changed at $84.90 in early trading on Friday, said it would also implement seasonal and inventory-adjustment shutdowns at the affected plants that would result in temporary layoffs.
The U.S. Department of Agriculture has forecast record U.S. corn and soybean crops this year - a prospect that has sent prices plummeting and discouraged farmers from buying equipment.
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