Dive Brief:
- Monsanto has announced it will close three R&D facilities in 2016 as part of a restructuring and cost-cutting plan.
- Two of the centers handle seed trait development research and are located in Middleton, WI, and Mystic, CT, and the other facility in Research Triangle Park, NC, focuses on plant screening and phenotyping.
- Out of the total 155 jobs at the three facilities, 65 will be transferred to Monsanto's Chesterfield Research Village in the St. Louis, MO, area, and the other 90 positions will be cut.
Dive Insight:
Just a few weeks ago, Monsanto announced it would cut about 2,600 jobs, or about 11.8% of its workforce, as part of restructuring and cost-cutting. These measures come after the company reported falling sales, including a drop from $2.6 billion to $2.4 billion in the fourth quarter, and a $495 million net loss.
The Middleton center will close in the first half of the year, and the Mystic and Research Triangle Park facilities will close in the second half. This is an off-trend move, as many other companies are investing in R&D and expanding or opening new facilities.
Monsanto received USDA approval Friday for a new strain of GMO corn and is currently awaiting FDA and EPA approval.