US heavy equipment manufacturer John Deere announced a new round of layoffs for workers at two Iowa plants in response to depressed demand.
Employees at the company's Waterloo and Des Moines, Iowa, plants were notified of the layoffs on 17 September, according to a statement made to Argus. The 101 employees at the Waterloo site will continue to work until 17 October, while 31 October will be the last day for another 40 employees at the Des Moines plant.
The sites and product lines made there were not subject to layoffs conducted the previous month, according to the company.
In the past the company often adjusted production schedules at its factories to account for seasonal farming needs, according to a spokesman, but demand and order volumes have fallen to the point where layoffs had to be implemented.
The company previously said tariff costs would rise even further and strain business conditions following the implementation of 50pc tariffs on imported steel by President Donald Trump.
The company said tariffs contributed to lower demand for tractors and other farm equipment produced by Deere. Deere expected large agricultural equipment sales in the US and Canada to be down by 30pc across the industry in 2025. It also raised its forecasted tariff costs to $600mn in mid-August from $500mn estimated in the previous quarter.
