Bayer: to cut 12,000 jobs as part of structural plan
(CercleFinance.com) - German pharmaceutical giant Bayer said on Thursday that it plans to take several structural measures to strengthen its productivity and profitability in the wake of its recent acquisition of Monsanto.
The Leverkusen-based group said that the measures are expected to result in around 12,000 redundancies, including a significant number in Germany.
Bayer currently has 118,200 employees worldwide.
In a statement, the company said it plans to exit animal health business, sun care brand Coppertone and foot care brand Dr. Scholl's, and sell its 60% stake in Currenta, a waste management and safety firm in Germany.
The so-called "efficiency and structural measures" are expected to generate annual contributions of 2.6 billion euros as of 2022, including the expected synergies from the Monsanto acquisition, it said.
Part of the contributions are set to be reinvested in core businesses (pharmaceuticals, consumer health and crop science), Bayer said.
The Frankfurt-listed Bayer share was down 1.8% after this announcement.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Leverkusen-based group said that the measures are expected to result in around 12,000 redundancies, including a significant number in Germany.
Bayer currently has 118,200 employees worldwide.
In a statement, the company said it plans to exit animal health business, sun care brand Coppertone and foot care brand Dr. Scholl's, and sell its 60% stake in Currenta, a waste management and safety firm in Germany.
The so-called "efficiency and structural measures" are expected to generate annual contributions of 2.6 billion euros as of 2022, including the expected synergies from the Monsanto acquisition, it said.
Part of the contributions are set to be reinvested in core businesses (pharmaceuticals, consumer health and crop science), Bayer said.
The Frankfurt-listed Bayer share was down 1.8% after this announcement.
Copyright (c) 2018 CercleFinance.com. All rights reserved.