Monsanto sees Roundup's annual gross profit halving

NEW YORK, June 24 (Reuters) - Monsanto Co (MON.N) said Wednesday that future gross profits from its Roundup herbicide business would drop by half to about $1 billion annually as the company grapples with increased competition in the sector.

The business, once a core money-maker for Monsanto, will in the future amount to less than 15 percent of the company's total gross profit, said Monsanto chairman Hugh Grant.

Company officials said they were creating a separate division for the herbicide business to help stabilize and better align spending and working capital needs. (Reporting by Carey Gillam; Editing by John Picinich)