Monsanto will eliminate over 10% of its workforce over the next two years, as the St. Louis-based agricultural giant deals with falling sales numbers.
The company says the move will generate between $275M and $300M in annual savings by the end of fiscal year 2017. Monsanto announced the layoff of about 2,600 employees as it reported a quarterly loss of $495M.
Meanwhile, another major employer in Illinois appears set to layoff over 2,000 employees, as U.S. Steel sent 60-day layoff notices to employees of its Granite City, IL plant on Tuesday. The company says it is considering temporarily closing that plant.