By: Matthew Perrone | The Associated Press
WASHINGTON — Monsanto on Wednesday said it will eliminate another 1,000 jobs as it expands a cost-cutting plan designed to deal with falling sales of biotech-corn seeds and other financial headwinds.
The additional layoffs will bring the agriculture giant's total planned cuts to 3,600 jobs over the next two years, or about 16 percent of its global workforce. In October, the company first announced the restructuring plan, intended to streamline its sales, R&D and other operations.
The St. Louis-based company says the restructuring will cost $1.1 billion to $1.2 billion to implement, up from previous estimates of $850 million to $900 million. By the end of fiscal 2018, the company expects the changes to generate annual savings of $500 million.
Monsanto has struggled in recent quarters to deal with slumping corn prices in the U.S., which have reduced demand for its best-selling product: genetically enhanced corn seeds.
Originally Published: The Denver Post