Transforming Monsanto into a biotechnology‐based innovator

In 1979, the company's Annual Report stated that Monsanto operations included “more than 180 manufacturing plants, laboratories, and technical centers in 20 nations. The company's products [were] sold in 123 nations.” According to the April 30, 1984, Fortune, “Monsanto hit its nadir in 1980; though sales increased 6 percent to $6.57 billion, earnings plunged 55 percent to $149 million….[The company] lost over $300 million on old‐line businesses, with fibers and styrene proving the worst performers.” Its return on stockholder equity was 5.3 percent.