10:54 AM EDT, 06/25/2024 (MT Newswires) -- AGCO ( AGCO ) said in a Tuesday filing that the initial phase of its restructuring program is expected to reduce its workforce by up to roughly 6% compared with its headcount as of the end of 2023 amid further weakening demand in the agriculture industry.

The company said it expects to incur charges for one-time termination benefits of about $150 million to $200 million in connection with the initial phase of the program, with the majority of the cash charges anticipated to be incurred in 2024 and H1 of 2025.

Upon full implementation, this phase of the program is expected to yield annual run-rate benefits and cost savings of about $100 million to $125 million, the company said.

Shares of AGCO ( AGCO ) were down 3.6% in recent Tuesday trading.

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