Monsanto to Slash 1,000 More Jobs, Total Planned Cuts at 3,600

Story is about a week old:

It sounds like sales have been dropping, and Monsanto's attempted merger with Syngenta didn't go as the company planned.

Irish Times: www.irishtimes.com...

Reuters:
www.reuters.com...

Monsanto plans to cut another 1,000 jobs worldwide, bringing total planned cuts to 3,600, about 16 per cent of its workforce, according to a filing with the US Securities and Exchange Commission.

Yikes..

They are shooting for $500 million in savings between now and end of Fiscal 2018

The job cuts are part of a broader, previously announced plan to target $500 million in annual savings by the end of fiscal year 2018. The job cuts will vary from country to country, and are expected to continue through fiscal 2018, the company said.

The additional staffing cuts, along with site closures and contract terminations is expected to increase a restructuring charge to a range of about $1.1 billion to $1.2 billion, from $850 million to $900 million, the company said.

Monsanto reported a quarterly loss of $253 million, or 56 US cents per share in the three months to November 30th, compared with a profit of $243 million a year earlier.

Bummer for them.

I bet Syngenta didn't want to do the merger because of the anti-GMO movement and Monsanto being demonized by so many different groups. Personally, I think it's great Monsanto is doing poorly.


ETA: Has anyone seen the Monsanto "Discover" advertisements? Their new campaign on telling us how much they care about our health... totally sickening to think this might have some people fooled:

discover.monsanto.com...



Sorry guys, I'm not convinced you actually care about my health when studies have shown how harmful pesticides can be (especially to fertility), and you created Agent Orange, SARIN, many other sketchy substances. Piss off

a reply to: FamCore

Monsanto plans to cut another 1,000 jobs worldwide, bringing total planned cuts to 3,600, about 16 per cent of its workforce, according to a filing with the US Securities and Exchange Commission.

Holy crap, that is ALOT of jobs, and ONLY 16% of the workforce.... Just so sad for all of the employees; I would be weary to work for such a large Corp.

They're getting swarmed by radicalized bees.

Even the EPA is saying the pesticides are killing the bees.

a reply to: FamCore

It sounds like sales have been dropping, and Monsanto's attempted merger with Syngenta didn't go as the company planned.

Awwwwwwwwwww... how very sad... that they aren't slashing every job and going out of business totally and completely once and for all time.

But it's a start.

Personally, I think it's great Monsanto is doing poorly.

Me too!

ETA: Has anyone seen the Monsanto "Discover" advertisements? Their new campaign on telling us how much they care about our health... totally sickening to think this might have some people fooled

Yes, I have -- unfortunately. As sickening as the prescription drug commercials -- 30 seconds of how wonderful it is, and 60 seconds of all the nasty side effects that can harm, maim and kill.

a reply to: FamCore

The additional staffing cuts, along with site closures and contract terminations is expected to increase a restructuring charge to a range of approximately $1.1 billion to $1.2 billion

Ouch !
I do hope they can't recover and the whole misguided episode goes down the pan.

As they say "Too many chiefs and not enough Indians"

Cut some Indians !!

a reply to: FamCore

While I feel absolutely awful for the families who will suffer over these job cuts, I have to confess to being glad that Monsanto is getting pummelled by market forces. Those who lost their jobs should find work with less evil masters.

This has some good info on their history if anyone's interested - their "Corporate Rap Sheet"

www.corp-research.org...

a reply to: FamCore

I bet Syngenta didn't want to do the merger because of the anti-GMO movement and Monsanto being demonized by so many different groups.

Not at all.

More and more companies are switching to outsourcing and automatons. It's not the public opinion that is hurting Monsanto-if public opinion and health concerns were a factor then pfizer, BP and Amatil would've gone bust years ago.

Monsantos patented genes have spread to pretty much everywhere, maybe they need less employees now that they own a patent on everyones crops.

a reply to: Thecakeisalie

Thanks for your analysis - I wasn't aware that that was what was impacting their performance.

a reply to: TrueBrit

Those who lost their jobs should find work with less evil masters.

I'd stop short of calling Monsanto evil. Manipulative? check. Greedy? double check. Subversive? there are not enough checks. But Evil?

We need to remember that without genetic manipulation we would not have certain breeds of dogs or livestock-Are we evil for tampering with the Bovines or the Canis? No. GMO's do have a purpose as they can provide drought resistant crops that can feed the world, However Monsanto want the exclusive rights to the building blocks of life and their motives are driven by greed, not evil.

a reply to: Thecakeisalie

If their motivations and methods were different than they are, then I would not have called them evil. It is the means by which they achieve their ends which makes them evil, and the fact that they are prepared to destroy more than they protect, by so doing, including ecosystems, local economies, and the lives of those who depend on both.

They are evil filth, and I hope the entire corporate structure gets decimated by bubonic plague.

a reply to: TrueBrit

The documentary "Food Inc." does go into detail about the companies ethical scandals, ruining the livelihood of these family-owned farms and John Doe typical hard-working Americans, pretty sad to see.

I feel like greed is the primary reason they do things the way that they do, but in reality "greed" is just one aspect of vileness - they have demonstrated disregard for the common man in more ways than just this and are putting other plant and animal species in danger - for profit but also because like the government, corporations also seem to grow in size and take on a life of their own over time. I think this has happened with Monsanto and as a result they are evil to their core at this point

a reply to: Boadicea

It IS sad if you are one of those employees and now have no work.

originally posted by: TrueBrit
a reply to: FamCore

While I feel absolutely awful for the families who will suffer over these job cuts, I have to confess to being glad that Monsanto is getting pummelled by market forces. Those who lost their jobs should find work with less evil masters.

Yeah I feel the same.

Poo for those employees, YAY for Monsanto getting the crap kicked out of it.

~Tenth

originally posted by: ketsuko
a reply to: Boadicea

It IS sad if you are one of those employees and now have no work.

Yes, to one extent or another... and especially if money is one's only and/or highest guiding principle.

It may also be a blessing in disguise for those who have a conscience and care about being good stewards of the earth, or good corporate citizens, or otherwise care about their fellow man and the world we live in -- not to mention their own best interests and that of their children, and their children, and so on.

Nor do we know what the future might bring, and how much worse it could be later, especially given the unethical, harmful and arguably illegal practices Monsanto is known for. (Although that apparently has nothing to do with the layoffs.)

In any event, I'm not going to cry in my cups because fewer people are helping to poison and taint and corrupt our soil and water and food. This is an opportunity for those people to do better.