Monsanto says it will layoff 1,000 more people

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Monsanto says it will layoff 1,000 more people

January 7th, 2016

Awake Goy

Facing a still sluggish farming economy, Creve Coeur-based agricultural giant Monsanto Co. said in a regulatory filing Wednesday that it will shed an additional 1,000 jobs as part of a cost-cutting effort announced originally in October.

The layoffs, combined with the 2,600 that Monsanto committed to this fall, amount to 16 percent of the company’s global workforce, officials said in the filing.

The scope of the cuts will vary from country to country and will continue into 2018, they said.

Additional cuts will also lead to increased restructuring costs, as the company pays severance and closes facilities, from the originally announced charges of up to $900 million to, now, as much as $1.2 billion.

Of that, $493 million incurred during in the fourth quarter of 2015 and $318 million in the first quarter 2016, officials said.

In late October Monsanto laid off 90 employees at research locations in North Carolina, Wisconsin and Connecticut, and moved another 65 employees from those facilities to its Chesterfield research center.