There is more downturn in the ag equipment sector. After announcing a big drop in revenue, CNH is looking at cutting production.
The Des Moines Register reports the company is looking at closing its Burlington plant, which could leave 350 workers without a job. The company recently put out a memo saying they are cutting production of backhoes, loaders, and all-terrain forklifts. Community leaders say it is a gut-punch and hope to change the company’s mind.
Just recently, CNH reported a 22 percent drop in revenue, saying current market challenges are the main driver, with farmers feeling the impact around the globe.
