Monsanto to Restructure Herbicides Operation as Net Falls 14%

Monsanto Co. reported a 14% drop in quarterly earnings and announced a restructuring the will break out its herbicides business and cut 900 jobs, or about 4% of its work force, companywide.

Revenue at the operations that include herbicides slid 39% in the company's fiscal third quarter. Sales of Roundup and similar herbicides dropped 47%, in part because of cooler, wetter weather.

The St. Louis company said Wednesday it will turn its herbicides operation into a stand-alone unit under a single boss amid intensifying competition. The operation currently is run by regional heads.

Chief Executive Hugh Grant has said the company is defined by its high-technology seed business rather than the herbicides and crop-protection products.

Read Full Article from Wall Street Journal

- Posted: 2009-06-24 10:01:00

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