Swiss-based agribusiness giant Syngenta targets 1,800 jobs as part of cost-savings

Associated Press

Agrochemicals giant Syngenta says it is eliminating or reshuffling 1,800 jobs globally as part of a $1 billion cost-cutting program to boost earnings.

The Basel, Switzerland-based manufacturer, which is one of the world's largest suppliers of seeds and crop chemicals and has more than 28,000 employees in some 90 countries, says most of the company-wide job reductions and relocations will occur in 2015.

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In a statement Monday, the company said the reductions are part of $1 billion in targeted savings by 2018, including $265 million next year.

Chief Executive Officer Mike Mack said the company is making significant progress in cutting costs.

He said reductions for 2015 result from "a challenging market environment," but the longer term savings would improve the company's "commercial effectiveness and the power of our innovation."