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Bayer to Cut 12,000 Jobs Under New Cost-Cutting Plans
November 30, 2018
2 Min Read
Image courtesy Bayer
In a bid to bolster the profitability of its Life Sciences businesses, German firm Bayer AG intends to carry out a series of portfolio, efficiency, and structural changes to cut costs, including the separation of some 12,000 workers across its footprint.
“We have made very good progress with Bayer’s strategic development in recent years. As we now proceed with these measures, we are laying the foundation to sustainably enhance Bauer’s performance and profitability,” Chairman of Bayer AG’s Board of Management Werner Baumann said in a release announcing the plan. “With these measures, we are positioning Bayer to optimally for the future as a life science company.”
By the end of 2021, Bayer will cut 900 pharmaceuticals R&D jobs and 350 positions at its Wuppertal pharmaceutical plant; 4100 positions in its Crop Science unit; 5000 to 5000 jobs in Corporate Functions, supporting functions, Business Services, and country platforms; and about 1100 jobs connected to its reorganization of its Consumer Health business.
“These changes are necessary and lay the foundation for Bayer to enhance its performance and agility. With these measures, we aim to take full advantage of the growth potential for our businesses,” Baumann said. “We are aware of the gravity of these decisions for our employees. As in the past, we will implement the planned measures in a fair and responsible way.”
Beyond the workforce reductions, the German firm intends to exit its Animal Health business and divest from its 60% interest in German site services firm Currenta. The company also said that it will no longer use its factory VII plant in Wuppertal, Germany for its hemophilia business, focusing instead on production at its plant in the U.S.
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