BASF, the world's largest chemicals company by sales, will cut half of the 700 jobs at its production plant business division on biotechnology, covering some of the early projects aimed at improving yield and stress resistance and all projects related to rice yield and sustainability of maize to fungi.
The biotechnology division of BASF develops improved plant characteristics, such as resistance to drought, but depends on partners that help remove the end products of seeds on the market. One of the major partners is Monsanto.
The Alliance with these partners will not be affected by the cuts, the company said.
BASF, the third largest manufacturer in the world of agricultural pesticides, spends approximately 150 million euros a year on research in biotechnology of plants, but does not disclose sales or profits for these operations.
A company representative declined to comment on any reductions of the annual budget of the division.
Source: Thomson Reuters
Translated by service "Yandex.Translation"
