Monsanto set to axe 2,600 jobs
US agriculture and biotech giant Monsanto has announced plans to axe 2,600 jobs, or 11.4pc of its workforce, due to falling commodity sales.
The company, that manufactures genetically modified (GM) seeds, recorded a €435m loss for the fourth quarter, compared with a reported net loss of €137m in the same period last year.
The job losses will be part of a complete restructuring plan over the next 18-24 months, according to the company, and will save €242-€263m by 2017.
There are also plans afoot for Monsanto to exit the sugar cane industry in a bid to further streamline the business.
Low maize prices, falling farm incomes and the rejection of GM seeds in some European countries has forced the sharp decline in seed sales which fell by 5.1pc.
Soya sales fell 19pc and sales of Roundup weedkiller also slumped by about 12pc.