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| Monsanto Plans to Cut 700 Jobs |
| 9/3/2010 |
USAgNet
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Biotech giant Monsanto has plans to trim an additional 650 to 700 jobs from its global work force in addition to 900 jobs eliminated last summer.
The company says the downsizing is targeted in its Roundup herbicide business.
Monsanto's patent on Roundup expired in 2000. Since then demand for the company's signature herbicide has dropped off considerably.
Roughly 85 percent of the company's business is now focused on its bioengineered seeds and specialty traits, along with developing new generations of "Roundup Ready" seed products.
Monsanto also announced year-end earnings on the low-end of its previously expected range.
The job cuts will cost the company $60 million in facility closure expenses, and $90 million in severance and benefit costs. |
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