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Tag Archives: Agribusiness

MONSANTO CUTS

Monsanto says it plans to restructure and cut about 2,600 jobs as its loss widened in its latest quarter, hurt again by weaker corn-seed sales.

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DUPONT CEO RETIRES

DuPont CEO Ellen Kullman announced she’s retiring next week.  The announcement came upon news DuPont has cut its profit forecast, citing the impact on the stronger U.S. dollar and continued weakening of agricultural markets, mainly Brazil.

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CONAGRA MOVING TO CHICAGO

ConAgra is cutting about 1,500 jobs, or approximately 30% of its global, office-based workforce, and moving its headquarters to Chicago from Omaha, Nebraska, the company said Thursday. About 700 workers will be in Chicago starting next summer, including the company’s senior leadership.

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DEERE, UAW DEADLINE LOOMS

A dramatic tail-off from record profits a couple of years ago for Deere could set the stage for prolonged, and potentially contentious, labor negotiations once the current 6-year contract expires Thursday.

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COSTCO PLANT

Plans to build a $120-million meat processing plant in Morris, Ill., cleared another hurdle with the passage of a proposed annexation agreement with Costco Wholesale Corp. by the Morris City Council, according to Meatingplace.com. The plant is on a 140-acre site and is expected to employ as many as 220 people during peak production seasons… read more

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MEAT MERGER

Poultry company Perdue Farms will buy natural meat maker Niman Ranch, which is Chipotle Mexican Grill’s biggest pork supplier. The acquisition was announced Tuesday.

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MONSANTO CALLS IT QUITS

Syngenta’s latest rejection appears to have ended Monsanto’s efforts to merge with the Swiss firm. Check out FarmWeekNow.com for the latest on the issue. After the news broke, share prices for Monsanto rose, while Syngenta’s plunged in value.

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MONSANTO UPS BID

Reuters reports that Monsanto has increased its offer to buy Switzerland’s Syngenta AG to around $47 billion. In addition to the new cash offered, the bid includes an increased break-up fee, from $2 billion to $3 billion, if the transaction is blocked by regulators or falls apart for other reasons sources said.

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MONSANTO LETTER

Monsanto has written an open letter to growers and placed full-page ads in Illinois newspapers this week to discuss their merger proposal with Syngenta. CEO/Chairman Hugh Grant pledges to divest all the Syngenta seed and chemical businesses, if the merger goes through. They’ve also set up a website to discuss the potential merger.

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MONSANTO TRIMS

Monsanto sees the current downturn in the farm economy lingering beyond the current year, and Dekalb plans to trim its own spending in response.

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