Monsanto suffers charges of $800m
MONSANTO, the controversial US biotechnology company that is a leading producer of genetically modified plants, reported charges of more than $800 million (£485m) for restructuring and write-offs this past year.
The company said that charges of $625m in the fourth quarter would cover the cost of 1700 job losses and the disposal of assets expected to save $160m a year for the company.
Monsanto is also taking a $233m hit for research and development write-offs relating to last years multi-billion dollar acquisition spree, which included the takeover of Cargills international seed business.
The write-offs left Monsanto with a post-tax loss of $603m, compared with last years $5m profit.
The Daily Telegraph reports that Zeneca is engaged in a legal battle over soyabeans with Monsanto.
Monsanto makes special Roundup Ready soyabeans resistant to the companys own specially developed herbicide.
Zeneca is developing a rival herbicide, Touchdown, which is also suitable for Roundup Ready beans.
- The Times 22/01/99 page 25, page 26
- The Independent 22/01/99 page 17 (In Brief)
- Financial Times 22/01/99 page 20
- The Guardian 22/01/99 page 24 (News in Brief)
- The Daily Telegraph 22/01/99 page 33
- The Herald 22/01/98 page 25 (In Brief)