Monsanto to Refocus, Cut Work Force

Monsanto Co. said it plans to spin off its slower-growing chemicals business and eliminate as many as 2,500 jobs, or 9% of its work force, as it focuses on agricultural products and biotechnology. The split will transform St. Louis-based Monsanto from a traditional chemical company, whose products include nylon fibers and plastics, to a business that focuses on herbicides, food ingredients, drugs and biotechnology products. Monsanto said it hopes to complete the spinoff by the end of next year and should know its staffing needs by the end of the first quarter of 1997. Investors didn’t appear to approve of the plans: Shares fell 75 cents to close at $40.50 on the New York Stock Exchange.