ST. LOUIS – Monsanto plans to cut 1,000 more jobs worldwide in another step toward its goal of reaching $500 million of annual savings by the end of fiscal year 2018. This brings the total planned job cuts to 3,600 since the goal was announced last June.
|Christi Dixon, spokesperson for Monsanto|
“We value the contributions our colleagues have made to our business and organization during their careers, and we remain committed to helping ease the transition for workers who will be affected,” said Christi Dixon, spokesperson for Monsanto. “Employees whose jobs will be eliminated will receive a severance package based on the severance policy in their home country. They will all be offered outplacement services, which include classes on resume writing, interviewing and other services to help them secure a future employment. We also remain committed to continuing our long-term efforts to be a strong employer and contributor to the regions and communities we serve around the world.”
Last June, Monsanto announced plans to reduce operating costs within the range of $300 million to $500 million. In October, the company announced the initial plans, including shuttering three research and development centers. This step covered savings of $275 to $300 million and included the planned slashing of 2,600 jobs.
“As we set the foundation for future growth, our company will continue to focus on disciplined operational spend as a hedge to the current industry macro environment, but more importantly to take proactive steps that will enable us to deliver on our long-term growth opportunities,” Ms. Dixon said. “It is our firm belief that now is the time to be discussing transformational opportunities within our own operations, despite the current macro environment, as it is precisely in these times that strategic advancements can foster new growth opportunities.”
Ms. Dixon said the company’s focus remains the same, including establishing regional commercial hubs, developing Chesterfield Village as its global R&D center and streamlining its commercial and R&D efforts.“We anticipate actions and reductions will take place across a variety of functions and units globally,” Ms. Dixon said. “When complete, we expect the changes will enable us to transform and innovate the way we work resulting in a more agile and focused organization.”