Monsanto Cuts 700 More Jobs, Lowers Forecast

Monsanto announced that it’s cutting about 650 to 700 more jobs as it continues to restructure its business, according to a story we first read on NPR on August 31st 2010. The new job cuts are in addition to a restructuring announced last year to reduce the company’s work force by 1,800, or 8 percent.

The job cuts come as the company continues to struggle with its business since the profits for its Roundup and other glyphosate-based herbicides have been lower than anticipated for some time. Glyphosate used to be the company’s flagship product and, in the words of Hugh Grant, Monsanto chairman and chief executive, a “windfall” that funded its research of seeds and new genetically modified traits.

Read more: Monsanto Sees 2010 Earnings At Low End Of Range