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Dec 18 (Reuters) – Crop protection products maker FMC said on Monday it has initiated layoffs in its Brazil business and a global restructuring plan, in response to the unprecedented global downturn in the sector.
Worries over supply chain disruptions following the pandemic had prompted distributors to stock up on crop protection products, leading to a buildup of excess inventories.
The company did not disclose the number of positions it will be reducing from its Brazil business. FMC has about 6,600 people – around 1,600 in its domestic operations and 5,000 in its foreign operations, according to its latest annual filing.
The company said the downturn resulted in severe channel destocking, which impac…
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