MON­SANTO TO CUT AN­OTHER 1,000 JOBS

The Denver Post - - BUSINESS -

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 $ 500mil­lion.

Mon­santo has strug­gled in re­cent quar­ters to deal with slump­ing corn prices in theU. S., which have re­duced de­mand for its best- sell­ing prod­uct: ge­net­i­cally en­hanced corn seeds.

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