ST. LOUIS, MO - More job cuts have been announced by Monsanto today, bringing the total number of planned layoffs up to 3,600—about 16% of its global workforce. By the end of fiscal 2018, the company expects these cuts to provide an annual savings of $500 million.

Monsanto and CEO Hugh Grant says this is a result of a continued struggle against currency changes and slumps in crop prices, as well as the recent trend of lower farmer incomes in general.

The company first announced a “restructuring plan” intended to streamline its sales, R&D and other operations in October, estimating a cost to the company of $850 million to $900 million to implement. With this new announcement, however, the company now expects costs of between $1.1 billion and $1.2 billion, ABC News reports.

This announcement came at the same time as Monsanto’s Q1 2016 financial report, which cited foreign currency pressures and falling seed sales as the main reasons for another $253 million loss.

As a result, Monsanto shares fell $2.52 to $94.22 by 1:30 PM EST Wednesday, according to Google Finance, bring the total fall in shares to about 20 percent over the past year.

Restructuring isn’t Monsanto’s only option to alleviate some of its financial pressures either. The company has been working on plans to either merge with or acquire other seed and pesticide companies. As we’ve been reporting, Monsanto pursued rival Syngenta, who repeatedly rebuked its $47 billion proposals. Just last month, DuPont Co. and Dow Chemical Co. confirmed a $130 billion merger that could create an even more competitive environment within the industry. 

For more on Monsanto and what is to come in the rapidly changing seed and pesticide industries, stay tuned to AndNowUKnow.

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