Citing a "precipitous decline" in the market for its agricultural products, Case Corp. recently announced it would close two plants and cut more than 1,300 jobs by the end of 1999. The layoffs come on the heels of the Racine, Wis.-based company's decision last fall to cut about 2,000 workers from its payrolls.

The company said products previously manufactured at its plants in Hamilton, Ontario, Canada, and Hugo, Minn., will be outsourced as well as handled by other Case factories.

The 3,400 total job cuts planned through the end of the year represent one-sixth of the company's worldwide labor force of 18,000. The company also announced earnings in both 1998 and 1999 would be sharply lower than in 1997.

Company officials said the reductions should save as much as $100 million a year. "We now expect the global market to be down as much as 10 percent [in 1998] and we anticipate an additional deterioration of 10 percent in 1999," said Jean-Pierre Rosso, chairman and CEO.