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Raven Lays Off 115 Employees; Reports Decreasing Earnings

Associated Press0

SIOUX FALLS, S.D. (AP) — Raven Industries Inc. is citing a weak agricultural market as its reason to lay off 115 employees.

The Argus Leader ( ) reports the employees were let go Tuesday. The cuts are part of a plan intended to save the company $13 million a year.

The net income of the Sioux Falls-based manufacturer for the fiscal year that ended Jan. 31 decreased 26 percent to $31.7 million.

CEO Dan Rykhus says farmers don’t have money to spend on equipment.

The cuts affect the company’s applied technology division and corporate services staff. Seventy-five of the employees who are no longer with the company were based in Sioux Falls.

The publicly traded company has been designing and manufacturing high-value technical products since 1956. It will have around 1,000 employees when the restructuring ends.

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Information from: Argus Leader,

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