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

[rate_this_page]

Leave a Reply

Your email address will not be published. Required fields are marked *