Monsanto to lay off 900 after earnings drop

0 Comments | AFP, June, 2009

WASHINGTON (AFP) — US biotech giant Monsanto said Wednesday it would cut 900 jobs as part of restructuring to cope with tough economic times as it reported a 14 percent fall in quarterly net income.

The planned revamp included creation of a separate division for its herbicide business, "which is expected to enable the company to better align spending and working capital needs," Monsanto said in a statement.

It said restructuring plans will see "a reduction of approximately 900 employees across the entire company" to "vary from country to country and will be less than four percent of the company's global workforce."

"The actions announced today will allow our company to better navigate in today's changing business environment and keep the company on a clear path for...