Monsanto expands cost-cutting plan to eliminate 1,000 jobs - KMOV.com

Monsanto expands cost-cutting plan to eliminate 1,000 jobs

Posted: Updated:

By MATTHEW PERRONE
AP Health Writer

WASHINGTON (AP) - Monsanto says 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 pressures.

The additional layoffs will bring the company's planned total cuts to 3,600 jobs, or about 16 percent of its workforce. In October the company first announced the restructuring plan, intended to streamline its sales, R&D and other operations.

The company says the additional cuts will help generate approximately $1.1 billion to $1.2 billion in total savings, up from previous estimates of $850 million to $900 million.

Monsanto on Wednesday announced it swung to a loss in the first fiscal quarter, amid foreign currency pressures and falling sales of its biotech-enhanced corn seeds. Results, adjusted for one-time gains and losses, beat Wall Street estimates.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly