ST. LOUIS (AP) — Monsanto will eliminate 2,600 jobs as part of a cost-saving plan designed to deal with falling sales of its biotech seeds and herbicides.

The cuts will reduce the company’s workforce of more than 22,000 workers by about 12 percent over the next two years.

The company says the move will generate between $275 million and $300 million in annual savings by the end of fiscal 2017. The cost of the reorganization — which will streamline sales, R&D and other departments — is estimated at $850 million to $900 million.

Monsanto has struggled to deal with slumping corn prices in the U.S., which have reduced demand for its best-selling product: genetically-enhanced corn seeds. Farmers are shifting more acres to other crops due to a surplus of corn from last year’s harvest.

Monsanto reports a $495 million loss for its fiscal fourth quarter.