St. Louis, MO – The world's largest seed maker had said back in June that it would reduce its staff by four percent, or about 900 jobs.
Now, Monsanto says the cuts will actually go deeper and involve another 900 jobs. About 300 of the total job reductions will occur at its headquarters in the St. Louis suburb of Creve Couer.
The eight-percent reduction in its global workforce of 21,700 people is part of restructuring that the company hopes will reduce future costs by $220-250 million dollars a year. A third of that savings should be realized this fiscal year, with the balance realized in fiscal year 2011.