AGCO signals 100 job cuts in tough agricultural market
Jobs are to be axed at a farm machinery manufacturer after bosses blamed a tough agricultural market.
AGCO, owner of tractor maker Massey Ferguson, said up to 100 jobs could go at its parts operation site in Desford, Leicestershire and its headquarters in Stoneleigh, Warwickshire.
The US firm said the cutbacks were "as a result of the current downturn in global farm machinery markets."
The jobs are to be axed at the end of this month, the company said.
AGCO currently employs 500 people across the two sites, which will also be restructured under the changes.
Senior vice president and general manager Rob Smith said the cuts would ensure AGCO remained in a strong position when markets improved.
The firm was working to reduce its cost base and reorganise itself "to ensure we are well structured to deliver when markets pick up", he said.