Posted on 10/08/2015 11:08:25 AM PDT by Lorianne
Biotech seed giant also gives a downbeat forecast for its fiscal year, as quarterly loss widens ___ Monsanto Co. , buffeted by a slumping global farm economy, outlined plans to slash 12% of its workforce and restructure its business as it reported a larger quarterly loss.
The biotechnology-seed maker plans to cut 2,600 jobs while “streamlining and reprioritizing” commercial and research efforts as it grapples with declining crop prices that have pinched incomes for farmers, its main customers. Monsanto projected earnings in its fiscal 2016 that fell below analysts’ expectations.
The St. Louis company also Wednesday unveiled a new stock-buyback program totaling $3 billion, which it plans to complete within the next six months.
“When you narrow the lens to the next 12 months, the industry continues to face a challenging macro environment and we’ve moderated our outlook,” Hugh Grant, Monsanto’s chief executive, said on a post-earnings conference call.
(Excerpt) Read more at wsj.com ...
Another local hit.
Massive losses as the name is viewed as “evil”, and China is producing knockoff’s of most of their products.
I don’t trust Monsanto and their Frankenstein-esque food producing. I hate the whole GM crops thing and I certainly refuse to eat anything GM.
Can’t feel too sorry for Monsanto but their employees is a different story. They charge plenty for their products.
Can’t they just get more gubmint money? Their hands are in many D.C. pockets, Dem and Repub.
Mmother Jones says it’s due to decline in use of GMO seeds.
http://www.motherjones.com/tom-philpott/2015/10/monsanto-stock-decline-layoffs
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