Novartis to Cut Jobs in Agricultural Division

Swiss life sciences company Novartis said it will cut about 1,100 jobs in its agricultural division over the next two years. The layoffs are intended to cut costs by at least $64.89 million a year once they are fully implemented. John Atkin, Novartis’ head of crop protection, confirmed the outlook for the company’s agribusiness division remains depressed after sales fell in the first quarter from 1998 levels. The division employs about 18,000 of Novartis’ total work force of 82,000 in 50 countries.