John Deere and Sprint Nextel Announce Layoffs

January 26, 2009 12:00:00 AM PST
Two more companies have announced lay-offs to deal with the struggling economy.Farm equipment maker Deere and Company, widely known by its brand name John Deere, said it plans to cut nearly 700 jobs. The layoffs will affect workers at the company's factories in Brazil and Iowa.

190 employees at the company's plant in Davenport, Iowa will either be laid off or temporarily reassigned next month. Wireless communications giant Sprint Nextel is slashing nearly 8,000 jobs. The cutback will impact workers at all levels of the company across the globe.

The layoffs, which equal about 14 percent of the company's workforce, should be complete by the end of March.

Sprint also said it's suspending its 401-k match for the year, extending a freeze on salary increases and suspending its tuition reimbursement program.

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