Deere to Dismiss Some Salaried Workers Amid Farm Downturn

(Bloomberg) -- Deere & Co., the world’s top seller of farm machinery, will cut an undisclosed number of employees in its global production and salaried workforce, according to a letter sent to employees Friday that was seen by Bloomberg.

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The company is facing rising operational costs and declining demand, according to the letter signed by Chief Executive Officer John May.

“Unfortunately, this means parting with some of our talented and dedicated colleagues,” the letter stated. Any adjustments will be finalized at the end of the third quarter in July, it said. A Deere spokesperson had no additional comment.

The maker of the iconic green and yellow tractors earlier this month slashed its annual outlook as declining agricultural income gives farmers less to spend on new machines.

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