Mosaic to cut 500 jobs in next 12 months
U.S. fertilizer producer Mosaic Co. will eliminate 500 jobs in the next 12 months, part of a plan to cut $500 million in costs over five years, Chief Executive Officer Jim Prokopanko said on Tuesday.
Prokopanko said on a conference call that the company will shed the jobs through layoffs, attrition, early retirement and elimination of contractors. The cost-cutting is aimed at bolstering Mosaic's status as a low-cost phosphate producer and improving its relatively high cost position in potash.
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