Pink Slips For John Deere Workers

(RTTNews) - Farming and construction equipment maker Deere & Co. (DE) Friday said it is laying off 100 manufacturing workers at two Iowa factories, as weaker equipment sales continues to hurt.

The layoffs will take place at Deere's factories in Davenport and Dubuque, Iowa, effective April 1. About 80 of the layoffs will take place at John Deere Davenport Works while the remaining 20 affects the Dubuque facility. Both operations are part of the company's construction and forestry division.

The company said the job cuts reflect its efforts to balance the size of its manufacturing workforce with market demand for products at individual factories.

DE is currently trading at $80.29, up $0.69 or 0.87%, on the NYSE.