DuPont restructures in race for super-seed market (cut 1500 jobs)

[UpInArms]

http://www.marketwatch.com/News/Story/dupont-cuts-jobs-retools-farm/story.aspx?guid=%7B538AB2F9%2D8CBE%2D42CD%2D9E9F%2DD823399F9181%7D&siteid=mktw&dist=RNPullDown

SAN FRANCISCO (MarketWatch) -- DuPont said on Monday it will shutter plants and cut jobs in its agricultural business and then funnel the cost savings into seeds, where DuPont has struggled to keep pace in the market for genetically modified corn.

As part of a restructuring in its agricultural and nutrition unit, Dow-30 component DuPont (DD : 47.42, +0.52, +1.1% ) said it will cut 1,500 jobs globally and close or streamline manufacturing units at about 10 of the division's 250 sites.

The changes, which the No. 2 U.S. chemical company said should be completed next year, will trigger $200 million in fourth-quarter restructuring charges. In a separate update to its financial guidance, DuPont said it will offset these costs with one-time tax and insurance gains.

With the savings from downsizing the herbicide and nutrition parts of its agricultural businesses, it will pump $100 million into seeds, a move that analyst Mark Gulley called "terrific."

"They've recognized that seeds and traits is where the action is. Ag chemicals is not, and they're adjusting their portfolio to that," said Gulley, a research analyst at Soleil Securities/Gulley & Associates.

...more...

[ThomCat]

1. Look for even more corporate muscle to be

dedicated toward forcing frankenfoods down all of our throats, without being identified on the labels, without any long term safety testing, and without any regard for the contamination of non-genetically modified crops.
x(

[pansypoo53219]

2. good-bye

mother nature.

[OneBlueSky]

3. we need to ban GM foods . . . now . . . n/t

.