Monsanto to cut 900 jobs as profit falls - St. Louis Business Journal:

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The company said separating herbicidesx is expected to enable it to better alighn spending and workingcapital needs. The companh that it had seen a “faster-than-anticipate d decline” in profits from Rounduo glyphosate herbicide, which came off patent nine years ago. Monsantpo cost-cutting actions including a freeze on hiring and and limitations on contractor work and as it sought to cut costa this yearby $400 million to offsegt an expected reduction of $400 milliob in Roundup sales.
The employee cuts announced Wednesday will vary from countrty to country and will be less than 4 percenrt of its globalwork force, Monsanto The company expects to take a one-time restructuring chargew estimated at $350 million to $400 Also on Wednesday, Monsanto reportede that its third-quarter net income fell 14 percent to $694 millioh from $811 million in last year’s quarter. Net sale for the fiscal thirf quarter fell 11 percent tonearly $3.2 billion from $3.5 billion as revenue from Roundup and other herbicides decreased. Roundup saled have fallen with .
“Over the last six Monsanto’s business has undergone a dramatic transition from a companyt historically built on chemical innovation to one focused on delivering enhancex seed offerings that help farmersd get more out of each acre of farmland whilre reducing the footprint of the inputs used onthat land,” Chairmab and CEO Hugh Grant said in a “The actions announced today will allosw our company to better navigate in today’s changing businesas environment and keep the company on a clear path for Grant said, “We believe these step s are in the best interestz of our shareowners, our customers and our This is designed to bring more claritg and predictability to our Roundupp business and greater focua to our growing seeds and traits business.
” He said that Monsanto’s seedzs and traits business alone in fisca l 2009 will see more gross profitf than all of Monsanto did in 2007. Totakl seeds and genomics sales rose nearly 10 percent in the fiscal third quarterto $2.2 billion. Creve Coeur, Mo.-based Monsanto (NYSE: MON) makes seeds and insect- and herbicide-resistant It is one of the larges employersin St. Louis with 4,000 localk employees.