Iowa’s largest manufacturing employer reports much lower earnings, more production cuts and temporary shutdowns. Deere and Company’s third-quarter net income was 72-million dollars, compared to 172-million a year ago. Greg Derrick, spokesman for the Quad City-based Deere, says production will be cut at many plants.The cutbacks will hit virtually all ag equipment factories, including the Waterloo Works, which produces tractors, and Des Moines, which makes cotton pickers and tillage equipment. Derrick says the production cutbacks will take place during the upcoming fourth quarter and some facilities will be down as much as six weeks during those three months.Derrick says workers at those plants will still be paid during the shutdowns, but at a reduced rate. Just last week, Deere announced plans to quit making engines at the Dubuque plant, moving 400 jobs to the Waterloo Works and to a Deere plant in Mexico.
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