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Deere Closing Canadian Plant

325 people face layoffs.
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(DE) - Get Deere & Company Report

will close its Woodstock, Ontario, plant, resulting in 325 layoffs.

Deere said it will move the full-tree forestry production to factories in Davenport and Dubuque, Iowa. The Moline, Ill., company said the move will reduce costs and further improve product delivery times.

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Today's action is expected to result in pretax charges of about $60 million over the next 12- to 18-month period, the company said.