Deere announces Waterloo layoffs - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere announces Waterloo layoffs

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WATERLOO (KWWL) -

This morning, Deere & Company announced 115 layoffs in Waterloo at the Waterloo Works facility.

The layoffs are effective September 23rd.

30 employees will also be laid off in Davenport.

The company says in both cases, layoffs are being determined by seniority.

This comes exactly one month after 120 production employees were told they would be laid off at John Deere Harvester Works in East Moline, Illinois.

The company released its third quarter earnings report on Friday.

The CEO said Deere continues to perform well in the face of challenging market conditions.

Two years ago today, Deere announced a much larger layoff in Waterloo (460 employees).

"We have grain prices right now that are about half of what they were five or six years ago," said Iowa Secretary of Agriculture Bill Northey. "While we were seeing good demand for machinery at that time, we see farmers trying to eocnomize right now, and buying less machinery. That 's one of the reasons we're seeing slower demand, and therefore slower demand or need for production of machinery."

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