Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Senator Marco Rubio calls out Deere for layoffs, Mexico shift

Published 27-08-2024, 10:50 pm
© Reuters.
DE
-

Senator Marco Rubio has criticized Deere & Co . (NYSE:DE), the world's largest tractor manufacturer, for laying off 2,000 American workers as it shifts production from the United States to Mexico.

In a strongly worded letter to John Deere Chairman and CEO John May, Rubio emphasized the company's duty to prioritize American workers and maintain its deep-rooted connection to the U.S. agricultural sector.

While the senator said the company's move to roll back several controversial Diversity, Equity, and Inclusion (DEI) policies was a positive step, he expressed concern about reports the company is to reduce its U.S. workforce and relocate manufacturing operations to Mexico.

"John Deere is an iconic American brand, beloved for generations by farmers, ranchers, builders, and hardworking Americans of all stripes," Rubio wrote. "I write to remind you of your company’s duty to your workers, their families, the communities in which they live, the nation which you call home, your hardworking customers, and your shareholders."

Rubio highlighted that since November 2023, John Deere has laid off 15% of its wage workers in the U.S., amounting to over 2,000 job losses in the past year alone.

He pointed out that during the same period, the company spent $7.2 billion on stock buybacks.

The senator called for John Deere to recommit to its American workforce, emphasizing the need for a strong manufacturing sector to support the nation's agricultural self-sufficiency.

"American corporations, like John Deere, have a duty to their workers, nation, customers, and shareholders," Rubio concluded, urging the company to reconsider its recent decisions and prioritize its domestic operations.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.