Monsanto Set to Cut 2,600 Jobs in Restructuring Effort
Monsanto Company is set to restructure its global operations in order to “enhance competitiveness by delivering cost improvement and to support long-term growth.”
The changes were announced during the company’s unveiling of its 2015 financial report, and are designed “to transform and innovate the way the company operates resulting in a more agile and focused organization prepared to continue to lead the agriculture industry.”
Actions, in part, include streamlining and reprioritizing some commercial, enabling and R&D efforts, including the exit of the sugarcane business.
The initial phase is expected to lead to annual savings of $275 to $300 million by the end of fiscal year 2017, at a total cost of approximately $850 to $900 million. The plans also include an expected elimination of 2,600 employees over the next 18-24 months. The company is developing further plans to reduce its operating spending by an additional $100 million, which would bring the total annual expected savings to potentially $400 million.
More information is available here: http://news.monsanto.com/press-release/corporate/global-portfolio-leading-innovation-and-financial-discipline-enabled-year-so