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End Of Monsanto? As Profits Drop Thousands Of Employees Are Fired
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Monsanto are facing their biggest crisis yet, as over 2,600 jobs are to be cut amid a major decline in the corporations profits over the last year.
Over 12% of Monsanto’s workforce will be axed, as the company reported a loss of 19 cents of its share price in the fiscal fourth quarter, and anticipate a further decline through 2016.
Bloomberg.com reports:
Like DuPont Co. and Glencore Plc, Monsanto, the world’s largest seed maker, is taking steps to combat the effects of a commodity slump that reduced farmer incomes for two straight years. Moves to trim expenses include re-prioritizing some research and development efforts and exiting the sugar-cane business to save as much as $300 million a year. Still, the company said it plans to meet its goal of doubling per-share earnings in five years from 2014.
“It seems surprising that they are still confident of reaching the 2019 goal given the environment they are facing for 2016,” Chris Shaw, a New York-based analyst at Monness Crespi Hardt & Co. who rates the shares neutral, said in a telephone interview.
Source: http://truthisscary.com/2015/10/end-of-monsanto-as-profits-drop-thousands-of-employees-are-fired/
