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MONSANTO TO BUILD $140 MILLION COTTONSEED PROCESSING PLANT IN TEXAS
Jan. 14, 2016
Dow Jones reports:
Monsanto Co. is planning to begin construction in March of a $140 million cottonseed processing plant in Lubbock, Texas.
The operation will serve as the St. Louis company's U.S. hub for the company's commercial cottonseed processing operations, which include cleaning, treating and bagging.
The Lubbock plant is targeted for completion in the second half of next year and is expected to employ 40 full-time workers. The project is in cooperation with the Lubbock Economic Development Alliance.
Monsanto said its existing cottonseed processing plants in Arizona, Mississippi and Texas will continue to support manufacturing operations until the summer of 2017 when they will shift to support storage and warehousing, pre-commercial operations or research. Some manufacturing workers will be offered an opportunity to relocate.
Dave Penn, head of cotton manufacturing at Monsanto, said the new, state-of-the-art cotton facility is expected to boost collaboration and efficiency, while its location in Lubbock will "allow for better alignment with the cotton industry."
Monsanto, buffeted by a weak agricultural economy, recently warned of lower profits in the year ahead and said it plans to step up job cuts and restructuring plans. Last week, the company said it would cut another 1,000 jobs after unveiling plans in October to eliminate 2,600 positions.
Monsanto is streamlining its business as seed, pesticide and equipment makers grapple with a three-year slide in crop prices that has forced farmers to scale back spending on tractors and farm supplies.
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