Dow cuts jobs after farm income drop
DOW Chemical has announced cutbacks and a restructuring of its agricultural products business in the face of a severe downturn in the sector.
Dow AgroSciences is cutting 700 jobs worldwide and closing a Mycogen Seeds plant in Minnesota to consolidate its activities in Indianapolis.
The group said a combination of factors had hit the growth of its conventional crop protection business.
These included the difficult agricultural economy, industry consolidation, the growth of generic products and the emergence of biotechnology.
Dow bought a stake in Mycogen three years ago and took full control last year.
It had originally intended to become a key player in agricultural biotechnology but has struggled against the likes of Monsanto and Dupont.
Other big agrochemicals companies rationalising or reviewing the future of these operations recently have included American Home Products, Novartis and Zeneca.
- Dow agricultural earnings rise, FWi, 23 July, 1999
- Monsanto could expand in GM with DeKalb buy, FWi, 13 February, 1998
- Financial Times 18/11/99 page 42