Posted on 10/22/2024 9:43:25 AM PDT by george76
ohn Deere says they plan to lay off an additional 287 workers. However, the company insists that those jobs are not being moved to Mexico..
“It is important to note these layoffs are due to reduced demand for the products produced at these facilities. They are not related to production moves,” the company wrote in a statement to KWQC-TV. “As we have repeatedly stated, layoffs this fiscal year are due to the weakening farm economy and a reduction in customer orders for our equipment.”
John Deere had already announced the layoffs of more than 600 employees at three production plants in Illinois and Iowa, as well as an unannounced number of salaried employees at its corporate level. The company also said it plans to move the manufacturing of skid steer loaders and compact track loaders from its Dubuque, Iowa facility to Mexico by the end of 2026.
John Deere says their sales have declined by 20 percent over the past year. Meanwhile, the stock price for Deere & Company is down 16 percent since last year.
In spite of the layoffs and reports of declining sales, John Deere generated nearly $10.2 billion in profits in 2023, while the company’s CEO, John May, received $26.7 million in total compensation in 2023 according to the company’s public filings with the Securities and Exchange Commission (SEC). May’s compensation in 2022 was listed at $20.3 million.
In early July, John Deere purchased 234 acres in northwestern Indiana with plans to build a 1.2 million-square-foot warehouse and distribution facility near Lowell in Lake County. John Deere has spent $7 million on the site, with plans for the facility to be longer on its side than the Willis Tower—formerly Sears Tower—a 110-story, 1,451-foot skyscraper in Chicago. It is estimated that the project will create approximately 1,200 union construction jobs and 400-500 permanent positions upon completion.
In September, President Donald Trump said that if he is reelected, he will impose a 200-percent tariff on John Deere’s imports if the company follows through with its plan to move some of its production to Mexico.
John Deere expects farmers to let their equipment sit idle for days waiting for a JD technician to show up to make minor repairs.
Juan Venadas
Trump will impose heavy tariffs on Deere exporting from Mexico to the US.
Deere may want to wait till we have the next dem president.
They’re replacing them with trannies. They’ll learn the hard way.
10.2 billion in profit while farmers are paying 800K for a combine that is constantly needing a service call.
John Deere’s predatory repair practices have pissed off farmers so The farmers are buying competitive products and John Deere is now getting what they deserve.
Isn’t globalism great! Outsource tech and manufacturing to other countries, then open up borders to McService jobs.
Maybe so but I bet they sold it with no money down and zero interest. They do have good finance options on what they sell.
Looks like an opportunity for some midsize machine shop to sweep in with rapid response expertise servicing Deere equipment.
“Layoff” is a noun. “Lay off” is the verb this headline writer is looking for.
Deere must have hired the guy that made the McDonald’s shake machines.
Every farmer I know repairs his own...
Nothing runs like a Deere.... to Mexico.
Bu
Mp
#2 I am watching ‘Larson Farms’ on youtube. They have this year dug a foundation themselves for a large grain bin for the concrete guys and help pour concrete between grain bins and also replace some 5 long fan blades inside a combine and later discover a fan housing with a large hole in it. They and in other farm videos others do many repairs themselves because they are running a multi million dollar business and cannot wait.
They had to have John Deere tech come out to the field when one of their combines blew an engine. Chunks of metal. Just 360 hours on it. It took 4 days before they could use it again.
Deere under FTC investigation over farms’ right to repair equipment
A probe into whether the tractor giant violated consumer protection law comes as farmers say they have little choice but to overpay for dealer repairs.
Published Oct. 21, 2024
https://www.agriculturedive.com/news/deere-right-to-repair-ftc-investigation/730432/
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