Syngenta, the world's largest maker of crop chemicals, said it expects to reap $265 million in savings next year as part of its long-term cost-cutting plan to boost profitability.
The Swiss company, which sells seeds and also makes chemicals to kill bugs and weeds, is targeting $1 billion in cost savings by 2018 by reorganising its commercial, R&D and global operations.
The Basel-based firm said consolidating its R&D sites and outsourcing simpler research work should also help it cut a further $50 million in costs next year.
It expects another $100 million in savings by reducing its fixed cost overheads and moving some jobs to lower-cost locations. Around 1,800 jobs across the company will either be cut or relocated as a result of the measures, Syngenta said.
The savings programme is aimed at improving the company's financial performance after falling short of profit expectations in 2013.
Earlier this month, Syngenta said its 2014 profit margin would be hit by an unfavourable shift in crops from corn to soybean in North America and lower-than-expected prices for its products in Latin America.