Farm manufacturing giant Deere & Co. announced plans for job cuts Wednesday, as demand for farm equipment continues to drop.

Deere, known for manufacturing its popular lines of tractors and lawnmowers, said in a Wednesday filing that the upcoming layoffs are meant to reduce redundancies in salaried production positions. The company did not specify how many employees will be laid off.

The layoffs come as the manufacturer faces significant market headwinds. Since the start of the year, the company has reduced its annual profit predictions twice and some dealers have begun offering discounts to move merchandise.

Deere & Co’s troubling economic position reflects a struggling agricultural market. High interest rates have generally slowed demand for expensive farm equipment, while low prices on agricultural products have slowed sales even more.

The Moline, Ill.-based firm employed some 83,000 workers as of last October, and reported revenues of $61 billion last year.

• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.