St. Louis, MO (KTRS) 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 St. Louis based company’s planned total cuts to 3,600 jobs, or about 16 percent of its workforce. In October the company initially announced the restructuring plan, intended to streamline its sales, R&D and other operations.
Company officials says the additional cuts will help generate approximately $1.1 billion to $1.2 billion in total savings. This is 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.