Monsanto, the world’s largest agricultural seed company, which unsuccessfully approached chemical giant Syngenta with several takeover bids earlier this year, has announced it plans to cut 2,600 jobs as low crop prices have taken a toll on its business.

The job losses amount to 12 percent of Monsanto’s entire workforce. The Missouri-based agribusiness, which focuses on seeds, including GM crops and associated chemistry, said the move marks a restructuring of its business and announced it would leave the sugarcane sector (Monsanto had been involved in developing glyphosate-resistant GM sugarcane). The company estimates the forecast job cuts will cut costs by around $300m (£195m) annually.

Job cuts will be introduced over the coming two years, and Monsanto executives said they are looking at other means of cutting the business’ operating costs.

Monsanto’s results for the 2015 fiscal year show seed and chemistry sales were both down by 7 percent. The company reported a net loss of $495 million (£322m) in the fourth quarter of 2015, more than double the loss reported at the same time the previous year.

The loss was higher than analysts had expected, but Monsanto executives remained optimisting, despite noting that the company expects a “Continuation of global and industry headwinds” in the coming months, including a xstrong dollar and reduced agricultural profitability.

On Wednesday Hugh Grant, Monsanto’s chair and CEO, said, “The fundamentals of our business are strong and Monsanto remains the best positioned company in the industry. As we look to 2016, focus and discipline become increasingly important. We will continue to focus on executing on key milestones within our core seeds and traits business, and we plan to remain disciplined in our agricultural productivity strategy [and] drive further optimization in spend through strategic restructuring actions.”

He said that Monsanto expects its streamlined business model to result in rapid growth, and a doubling of the company’s earnings per share between 2014 and 2019. The company said it has high hopes for new GM soybeans with resistance to multiple herbicides.