Swiss agribusiness Syngenta announced new measures on Monday as part of a long-term cost-cutting programme, which the company claims will save $1bn (£640m) by 2018.

Syngenta is the world's largest manufacturer of crop chemicals and a major seed supplier. The company saw sales rise by 2 percent in the third quarter of 2014.

As part of its three-pillar strategy, Syngenta claims a new commercial structure will save the company $115 million (£73m) in 2015 alone. This will include simplifying and bringing together certain branches of management.

In addition to this, the company will be merging its R&D sites, to "exploit synergies between chemistry and genetics" and will also outsource more work, which Syngenta claims will save $50m (£32m) in 2015.

Changes to global operations, including more outsourcing and moving some company work to "lower cost locations" is also projected to save $100m (£64m) next year.  Syngenta, which employs 28,000 people around the globe, said the moves will result in the loss or relocation of 1,800 jobs, most of which will occur in 2015.

On Monday, CEO Mike Mack said the cost-cutting is being carried out "In the context of a challenging market environment." Mack added, "We are today reporting significant progress in the implementation of the first phase of our Accelerating Operational Leverage program. In the ... Longer term, the comprehensive actions announced today will enhance both our commercial effectiveness and the power of our innovation.

"This will allow us to bring distinctive offers to growers more quickly and ensure a sustained improvement in profitability."

The company said in statement that it remains committed to its sites in Switzerland and highlighted work being undertaken at its headquarters in Basel. However, according to the Swiss press, 500 jobs in Basel could be be under threat.