(MENAFN) In expectancy of an ongoing low commodity prices that have hit the agriculture industry, American seed giant, Monsanto is predicting a decline in full-year income and declared job cuts.
The St. Louis, Missouri-based firm which at present employs about 22,000 people globally, is planning a worldwide restructuring that will eventually eliminate about 2,600 jobs through the next 18 to 24 months.
Monsanto registered that the fiscal year 2015 profit dropped 15.5 percent to USD2.31 billion from 2014, attributed as mentioned to the fall in commodity prices and legal restructuring charges.
"We will continue to focus on executing on key milestones within our core seeds and traits business, and we plan to remain disciplined in our agricultural productivity strategy," said Monsanto chairman.
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