Salford Group, a Canadian company that makes tillage and crop fertilizer and application equipment, is closing its Osceola manufacturing plant, laying off 51 workers, according to a required notice it provided to Iowa Workforce Development.
Salford didn't immediately respond to requests for more information Wednesday.
Linamar Corp., an advanced manufacturing company, also based in Canada, purchased Salford two years ago for $260 million Canadian. Linamar said it was purchasing Salford to add to its agricultural line of equipment.
Salford notified workers and Iowa Workforce Development about the planned closure Tuesday. It's the latest in a series of layoffs sparked by a slowdown in the U.S. agricultural economy. Farm income is forecast to fall 25.5% this year, according to the U.S. Department of Agriculture, largely due to lower prices for corn, soybeans, wheat and other commodities, as well as higher production costs.
More: Iowa pork producers' losses worst in 25 years amid high costs and declining demand
Rising U.S. interest rates also are eroding farmers' ability to buy large, often expensive equipment, experts have said.
Among the job losses this year: Deere & Co. has trimmed about 1,800 workers at plants in Iowa and on the Illinois side of the Quad Cities, where Deere is based in Moline. Tyson Foods chopped about 1,350 jobs, shuttering its Perry meatpacking plant at the end of June, and Smithfield Foods cut about 300 jobs , closing its Altoona ham boning operation.
Linamar is based in Guelph, Ontario, and Salford's headquarters are in Salford, Ontario.
Salford also has a U.S. production facility in Cornelia, Georgia, and parts distribution centers in North Dakota and Ohio. Salford makes fertilizer spreaders, cover crop seeders and a range of tillage equipment.
This article originally appeared on Des Moines Register: Canadian farm equipment company says it will close Osceola plant, laying off 51 workers
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