Monsanto to Cut 12% of Workforce as It Forecasts Profit Drop
- Restructuring to save as much as $300 million, shed 2,600 jobs
- Announces $3 billion accelerated share repurchase plan
Monsanto Co. Asgrow soybeans in Manlius, Illinois.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Monsanto Co. said it will eliminate 2,600 jobs as part of a cost-savings plan, joining a growing list of major corporations struggling to contain the damage from the decline in world commodities prices.
The St. Louis-based agricultural giant announced the reductions -- the equivalent of 12 percent of its workforce -- as it reported a loss of 19 cents a share in the fiscal fourth quarter and warned profit would remain weak through 2016.