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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Deere and Co | NYSE:DE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.44 | 0.11% | 401.40 | 407.00 | 399.1944 | 404.37 | 1,042,756 | 01:00:00 |
RIO DE JANEIRO--Deere & Co. said it is laying off nearly 10% of the workers at a factory in southern Brazil as it seeks to cope with falling sales in South America and "the volatility of the Brazilian market."
The farming equipment company's move came as farmers, faced with lower prices for commodities like sugar and grains, hold off on buying expensive new machinery. Prices for soybeans, Brazil's biggest agricultural export, have fallen almost 30% since the beginning of the year.
The factory where the layoffs are taking place, in Horizontina, has roughly 1,800 workers and produces mechanical harvesters and planters. Deere has four other factories in Brazil.
In its latest quarterly earnings release, Deere said it expect sales of agricultural machinery in South America to decline 15% from 2013. Brazil is by far the continent's biggest market for such equipment, followed by Argentina.
"Faced with this scenario and despite all efforts, John Deere Brasil has had to adjust to the volatility of the Brazilian market," the company said in a statement.
Write to Paul Kiernan at paul.kiernan@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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