Deere Closing Canadian Plant

325 people face layoffs.
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Deere

(DE) - Get 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.

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.