Poor sales force Monsanto to axe jobs

Falling sales of products such as its vegetable seeds and herbicides has prompted the agricultural giant Monsanto to roll out a large cost-saving operation that will see the loss of 2,600 jobs.

Its job cuts will reduce the company's 22,500-employee workforce by about 12 per cent over the next two years.

Monsanto hopes that the initial phase of the cost-saving plan will lead to annual savings of $275 to $300 million by the end of fiscal year 2017, at a total cost of approximately $850 to $900 million.

The firm said its global restructuring plan also includes "streamlining and reprioritising some commercial, enabling and R&D efforts, including the exit of the sugarcane business."
Monsanto announced its workforce slash as it reported a $495 million loss for its fiscal fourth quarter, compared with a net loss of $156 million a year ago (2014).

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