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John Deere US Layoffs, Production Shift to Mexico Concerning: Senator Rubio
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John Deere US Layoffs, Production Shift to Mexico Concerning: Senator Rubio
Aug 29, 2024 4:36 AM

12:29 PM EDT, 08/27/2024 (MT Newswires) -- John Deere ( DE ) should prioritize its US workers and their families, US Senator Marco Rubio said in a letter to Chief Executive John May on Tuesday.

Rubio showed concerns over reports about the company's mass layoffs in Illinois and Iowa and its decision to shift manufacturing to Mexico.

The company has laid off nearly 2,000 employees since November 2023. These layoffs coincide with the company's decision to move some of its production, like cabs and certain equipment, to Mexico.

Rubio drew parallels with John Deere's ( DE ) stock buyback program. The lawmaker said the company spent $7.2 billion to buy back shares, which was the equivalent of "an average of $3.6 million per worker laid off."

John Deere ( DE ), which is legally known as Deere & Company ( DE ), did not immediately reply to MT Newswires' request for comment.

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