Biotech major Monsanto, which has a significant presence in India, today said it is planning to cut 900 jobs across its global workforce, after posting a steep fall in its third quarter profit.
The firm reported a 14 per cent drop in net income at $694 million in the third quarter of fiscal year 2009 compared to $811 million in third quarter of previous fiscal, a company statement said.
Monsanto also announced a planned restructuring that would include a reduction of about 900 employees across the entire company.
"The reduction will vary from country to country and will be less than 4 per cent of the company's global workforce," it added.
The company also reported net sales of $3.2 billion for the third quarter of fiscal year 2009, down 11 per cent compared to the same period in fiscal year 2008.
The statement pointed out that results in the quarter reflected decreased revenues from the company's roundup and other glyphosate-based agricultural herbicides globally, partially offset by increased revenues from seed and trait products sold through the company's US soybean, cotton, corn and vegetable businesses.