(Bloomberg) — Deere & Co., the world’s largest agricultural equipment seller, will cut an undisclosed number of employees from its global manufacturing and payroll base, according to a letter sent to employees Friday and seen by Bloomberg.
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The company is facing rising operating costs and declining demand, according to the letter signed by CEO John May.
“Unfortunately, this means saying goodbye to some of our talented and dedicated colleagues,” the letter said. Any adjustments will be completed by the end of the third quarter of July, the company said. A Deere spokesperson had no additional comment.
The maker of the iconic green and yellow tractors lowered its annual outlook earlier this month, as declining farm incomes leave farmers with less to spend on new machines.
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