All articles tagged with #john deere
John Deere's profits and sales are declining due to tariff instability and the China-U.S. trade war, leading to layoffs and cautious customer spending, although potential benefits from recent tax breaks and domestic manufacturing resilience may offer some relief.
John Deere, a leading U.S. agricultural equipment manufacturer, is facing declining sales and expects a 15-20% drop in large machinery sales by 2025 due to tariffs and reduced overseas demand for crops, impacting its revenue and the farming industry.
John Deere faces declining demand in the agricultural sector, leading to layoffs and tariff impacts, but remains optimistic about future growth through strategic investments in U.S. manufacturing and growth in Europe and South America, with analysts viewing the current downturn as a cyclical phase with long-term potential.
John Deere announced it will eliminate most of its diversity, equity, and inclusion (DEI) policies to focus on quality and customer trust. The company will stop supporting external social events, audit training materials for social messages, and ensure diversity quotas and pronoun identification are not part of its policies. This move follows criticism of "woke" policies and comes amid significant layoffs.
John Deere has announced additional layoffs affecting over 300 employees at its Iowa locations, including significant cuts in Waterloo, Urbandale, and Ankeny. This follows earlier layoffs this year and is attributed to challenging market conditions, declining demand, and higher interest rates. Despite the layoffs, experts believe the company will recover and continue to grow in the long term.
John Deere has announced additional layoffs affecting 58 employees in Urbandale, 49 in Waterloo, and 16 in Ankeny, totaling 549 layoffs at the Waterloo Works facility since spring. Local leaders, including Waterloo Mayor Quentin Hart, State Senator Eric Giddens, Representative Ashley Hinson, and Senator Chuck Grassley, have expressed their concerns and support for the affected workers, emphasizing the need for state assistance and job services.
John Deere has announced further layoffs, affecting 58 employees at the Urbandale plant, 49 at the Waterloo plant, and 16 at the Des Moines Work plant in Ankeny. Since spring, 549 employees have been laid off at the Waterloo Works facility. Waterloo Mayor Quentin Hart expressed sympathy for the affected families and mentioned local support services. John Deere has not yet commented on the situation.
Deere & Co. has accepted early retirement applications from 103 workers at its Ottumwa plant and cut an additional 16 jobs, with more layoffs expected across the company by the end of July. The company, which has already cut at least 650 jobs in Iowa this year, is responding to an anticipated economic downturn for farmers and a decrease in tractor sales. Deere's financial performance has slipped, with net income down $490 million from the same period last year.
John Deere has announced plans to lay off global production and salaried employees by the end of Q3 2024, citing the need for long-term business health. The impact on Eastern Iowa facilities and the number of affected employees remain unclear. KWWL is seeking further details and will provide updates as the story develops.
Immigrant children as young as 14 were discovered working illegally at a Tennessee factory that produces lawn mower parts, resulting in a nearly $300,000 fine for the company, Tuff Torq. The children were found working amid dangerous heavy equipment, and the company has been required to set aside $1.5 million to assist the children. The Labor Department emphasized that companies profiting from unlawfully employing children in hazardous occupations will face significant financial consequences, and Tuff Torq has agreed to disgorge profits for the benefit of the children. The company claims the child workers were temporary and not hired directly, and is transitioning away from doing business with the staffing company involved.
Immigrant children as young as 14 were discovered working illegally at a Tennessee factory, Tuff Torq, which produces lawn mower parts for companies like John Deere. The company was fined nearly $300,000 and required to set aside $1.5 million to assist the children. The Labor Department emphasized that putting children in dangerous workplaces is illegal and comes with significant financial consequences. Tuff Torq's general counsel acknowledged the violations and stated that the child workers were temporary and not hired directly by the company. The Labor Department has prioritized child labor enforcement, with a 152% increase in illegally employed children since 2018.
John Deere has partnered with SpaceX's Starlink business to utilize satellite connectivity in order to enhance its digital farming initiatives, enabling the automation of planting and harvesting in remote areas with limited internet access. This collaboration aims to link various agricultural equipment, such as tractors and seed planters, to Deere's digital products, furthering the integration of technology in the agriculture industry.
Stock futures rose as investors remain confident about progress in the ongoing debt ceiling debate and digest a better-than-feared first-quarter earnings season. Shares of Deere & Company rose in pre-market trading as the company raised its profit outlook for the fiscal year, while Foot Locker shares tanked, falling more than 20% in pre-market trading as the footwear retailer slashed its full-year guidance for earnings per share.
Colorado has become the first state in the US to enact a law guaranteeing farmers the right to repair their tractors and other equipment themselves or at independent repair shops. The law requires manufacturers to provide parts, software, firmware, tools, or documentation to independent repair providers and owners of the manufacturer's agricultural equipment. Failing to provide repair resources will be considered a deceptive trade practice under the new Colorado law. John Deere has opposed the law, saying it is unnecessary and will carry unintended consequences that negatively impact its customers.
Colorado has become the first state to pass a "right to repair" law for farmers, which compels manufacturers to provide the necessary manuals, tools, parts, and software for farmers to fix their own tractors and combines. The law aims to save farmers time and money and support the free market in repair. Lawmakers in at least 10 other states have introduced similar legislation. Manufacturers and dealerships raised concerns that providing tools and information to farmers would allow equipment owners to illegally crank up the horsepower and bypass emissions controls, putting operator safety and the environment at risk.