ZURICH, Sept 11 (Askume) – Agricultural chemicals company Syngenta said on Wednesday it would cut more than 10% of its staff at its Swiss headquarters in Basel as its crop protection business slows this year.
The business, which employs 60,000 people globally, will impact 150 of the city’s 1,100 jobs.
A Syngenta spokesman said: “Due to the more severe and continuing difficult economic environment, the company is considering reducing the number of employees at its head office in Basel.”
“The plan aims to reduce our headcount in Basel by around 150 people by 2024,” the spokesperson added.
Syngenta said it was cutting jobs in other markets “to enhance the company’s competitiveness” but had no plans to cut jobs globally.
The loss comes as Syngenta, which makes seeds and crop protection sprays, reported a 17% drop in sales in the first six months of 2024. Core operating profit fell 36%.
The company suffered losses due to persistent shortage of seeds and pesticides with farmers, who had stockpiled large quantities of seeds following the pandemic.
Low agricultural prices reduce the purchasing power of farmers, causing them to refrain from spraying crops during heavy rains, especially in the United States.
“While agriculture has always been a cyclical industry, this year’s market has been exceptionally challenging, making this a very unique market downturn,” a spokesperson said Wednesday.
Syngenta was acquired by ChemChina in 2017 for US$43 billion and merged into Sinochem Holdings in 2021.
Earlier this year, the company withdrew its billion-dollar offer to list on the Shanghai Stock Exchange due to adverse market conditions.
