Monsanto to Cut Jobs, Shut Some Facilities
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Monsanto Co. will cut up to 5% of its work force and close some facilities as the maker of the top-selling weed-killer Roundup restructures its business while awaiting regulatory approval of new bio-engineered crops.
Monsanto is forecasting earnings-per-share growth of 4% to 6% this year and 4% to 9% in 2003, officials told investors and analysts at a conference in New York. The company reported 2001 net income of $1.12 a share.
The company is focusing on crops rather than slower-growing chemicals, Chief Executive Hendrik Verfaillie said.
Monsanto, which has 14,600 employees, will cut fewer than 700 jobs worldwide. The restructuring will cost as much as $124million.
Shares of St. Louis-based Monsanto rose $1.30 to $32.76 on the New York Stock Exchange.
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