Deere To Place 220 Employees At Its Moline Facility On Indefinite Layoff

Deere & Co. said Monday it has informed about 220 employees at its John Deere Seeding and Cylinder facility in Moline, Illinois that they will be placed on indefinite layoff from Feb. 15. The news comes after Deere last week said it expected agricultural equipment sales to fall in fiscal 2016. The company said the employees in the past have been laid off in spring and returned to work in the fall, but that in today's announcement, there was no specific call-back date. Shares were slightly higher in premarket trade, but are down 10% in the year so far, while the S&P 500 has gained 1.5%.