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Monsanto Scraps $90 Million GM Corn Facility Plans Due to Declining Profits

by Christina Sarich, Natural Society:

After the recent press release from Monsanto announcing that the company will cut about 3600 jobs globally, more news of the biotech company’s failure rises to the surface.

Plans to construct a $90 million GM corn processing plant in Independence, Iowa have reportedly been scrapped due to a ‘struggling farm economy.’ [1]

Monsanto notified the Iowa Economic Development Authority (IEDA) that it will not build a long-delayed seed corn production facility in Independence which would have created 47 full-time jobs and 800 seasonal positions. These jobs would have created $7.5 million in job creation tax credits for the company.

Joan Steckel, a Monsanto marketing representative, wrote in a letter to the IEDA:

“As announced this fall, we are going to focus on reducing our costs due to the market realities, the transformation opportunities within Monsanto, and to support our long-term growth. Monsanto is not closing their existing Independence research facility and they intend to stay in Independence for many years to come . . . The company has 1,619 employees in Iowa, including seven at the Independence facility.”

Read More @ NaturalSociety.com

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1 comment to Monsanto Scraps $90 Million GM Corn Facility Plans Due to Declining Profits

  • Christine

    “These jobs would have created $7.5 million in job creation tax credits for the company.”

    Monsanto must be reeling from having to give up so much TAX CREDITS, while doing absolutely nothing to improve the job situation, other than creating “seasonal position”. In other words, whether they went ahead or not, we were going to be screwed.

    What a great country indeed.

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