Monsanto to eliminate 2,600 jobs amid fourth quarter loss
ST. LOUIS, MO (KTVI)- Creve- Coeur based Monsanto Company will eliminate 2,600 jobs as part of a cost-saving plan due to a fourth quarter loss.
According to our partners at the St. Louis Post-Dispatch, the company reported a loss for the fourth quarter amid falling sales of its biotech seeds and herbicides. The job cuts are expected over the next two years. The company is aiming to generate $275 million to $300 million in annual savings.
The Post reports the company’s shares dropped more than 2 percent in premarket trading Wednesday.
Monsanto reported a $495 million loss for its fiscal fourth quarter that failed to meet Wall Street expectations.
They expect full-year earnings in the range of $5.10 to $5.60 per share.
For additional information visit stltoday.com