Deere & Co said on Tuesday that roughly 800 employees -- more than it had expected -- took a buyout from the world's largest maker of agricultural machinery and raised the amount of the charge associated with those departures.
The Moline, Illinois-based company now expects to record a pretax charge of $100 million, primarily in its fourth fiscal quarter, which ends in October.
When Deere announced the planned job cuts in April, it forecast that 200 salaried employees would leave, leading to a $25 million pretax charge. In May, when it reported second fiscal quarter earnings, it raised that forecast amount to $50 million.
The departures, which are the result of Deere's move to combine its agricultural business with its commercial and consumer equipment unit, will save about $75 million in their first year, the company said.
Deere employs about 55,000 people worldwide.
Its shares fell 2 percent to $41.37 in premarket trading, down from a $42.15 close on the New York Stock Exchange.
(Reporting by Scott Malone; Editing by Derek Caney)