Mycogen Corp. announced Thursday that it is restructuring itsbusiness, streamlining its research and developmentorganization, and, in the process, eliminating 111 positions (12percent of the its work force).
Jerry Caulder, president and chief executive officer of Mycogen,an agbiotech company based in San Diego, said that the fourseed divisions the company acquired when it purchased acontrolling interest in Agrigenetics Co. last year have beenunified. The company (NASDAQ:MYCO) has also consolidated anumber of overlapping sales territories.
In addition, Mycogen is combining its biopesticide research anddevelopment programs with Agrigenetics' plant science andbreeding programs. By consolidating these programs andleveraging its technology through collaborations, Caulder saidthe company will be able to accelerate development of newvalue-added products while at the same time reducingresearch spending.
Mycogen's stock closed unchanged on Thursday at $13.25 ashare.
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