Deere & Co. has announced hundreds of layoffs at its tractor factory in Waterloo, Iowa. The Moline, Illinois-based agricultural equipment maker said Friday about 460 workers will be laid off effective October 20th.
Deere said last week it would lay off more than 600 employees at factories in Ankeny, Iowa, Moline and East Moline, Illinois and Coffeyville, Kansas that make harvesting and other agricultural equipment due to slumping demand.
The company said earlier this month that it planned to reduce agricultural equipment production for the remainder of the year. Company shares were down 63 cents to $85.58 in early trading.