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August 15, 2014
09:01 EDTDEDeere to reduce size of manufacturing workforce by 600 employees
Deere announced it will reduce the size of its manufacturing workforce at some agricultural equipment factories in response to current market demand for its products. The action will place more than 600 employees at four locations on indefinite layoff. In addition, Deere is implementing seasonal and inventory adjustment shutdowns and temporary layoffs at several of the affected factories. When Deere announced third quarter earnings on Wednesday, the company said it planned to reduce agricultural equipment production in the company's fourth quarter. Employees have been informed at the affected facilities, which include John Deere Harvester Works, East Moline, IL; John Deere Seeding and Cylinder, Moline, IL; John Deere Des Moines Works, Ankeny, IA; and John Deere Coffeyville, Coffeyville, KS. No other locations are included in today's layoff announcement.
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March 31, 2015
14:00 EDTDEUSDA data a modest short-term negative for Deere, AGCO, says Wells Fargo
Wells Fargo said the USDA's Prospective Plantings report had a higher acreage forecast for corn and lower for soybeans and wheat than the consensus view. The firm said it sees the combination of that data and the Grain Stocks report as a modest short-term negative for farm equipment stocks and it maintains its Market Perform rating on Deere (DE) and Underperform rating on AGCO (AGCO).
13:47 EDTDEDeere completes sale of crop insurance business
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