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Business

Monsanto Plans Big Job Cuts

by Michael McCoy
October 12, 2015 | APPEARED IN VOLUME 93, ISSUE 40

Monsanto plans to cut 2,600 jobs, about 12% of its workforce, within the next two years as part of a program to improve competitiveness. The seed and agrochemical giant revealed the cuts as part of its fiscal 2015 earnings announcement, in which it disclosed that net income for the year was $2.3 billion, down from $2.7 billion in the previous fiscal year. The layoffs also come a little more than a month after Monsanto dropped a bid to acquire its agribusiness rival Syngenta. CEO Hugh Grant says Monsanto continues to expect to double 2014 earnings per share by 2019.

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