Monsanto suffers charges of $800m

22 January 1999

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)

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