Monsanto slashing 2,600 jobs, buying back shares as sales fall

http://www.reuters.com/article/2015/10/07/us-monsanto-results-idUSKCN0S11C120151007


Monsanto Co, one of the world's largest seed and agrichemical companies, said on Wednesday that it was slashing 2,600 jobs and restructuring operations to cut costs in a slumping commodity market that it expects to squeeze results well into 2016.


Monsanto, which also reported a much wider quarterly loss, said that along with the layoffs, its global restructuring would include "streamlining and reprioritizing" some commercial and research and development work, including an exit from the sugar cane business.


Monsanto had 22,400 regular employees and 4,600 temporary workers, according to its 2014 annual report.


The company said it should reap annual savings of $275 million to $300 million from the restructuring by the end of fiscal 2017, at a total cost of $850 million to $900 million. It plans to reduce operating spending by another $100 million, bringing total annual savings to as much as $400 million.