German drugs giant Bayer to cut 12,000 jobs worldwide

Group bought Monsanto in controversial $66bn deal two years ago

Caitlin Morrison
Thursday 29 November 2018 15:14
Comments
Bayer is selling a number of brands in a bit to be more competitive
Bayer is selling a number of brands in a bit to be more competitive

German pharmaceutical giant Bayer is planning to cut 12,000 jobs worldwide, in a restructuring that will also see the group sell a number of brands, including Dr Scholl’s.

The company currently employs 118,200 people globally, including at two UK sites, and said a “significant number” of the roles to be cut are in Germany.

The group said it is aiming to improve competitiveness and profitability, and plans to strengthen its life science businesses and improve productivity and innovation.

Werner Baumann, Bayer chair, said: “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 Bayer’s performance and profitability.

“With these measures, we are positioning Bayer optimally for the future as a life science company.”

He added: “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.

“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.”

Support free-thinking journalism and attend Independent events

In 2016, Bayer bought US group Monsanto for $66bn (£52bn) in a controversial deal that was met with protests in more than 40 countries.

On Thursday, Bayer said it expects to save €2.6bn (£2.3bn) per year from 2022 onwards, after Monsanto has been integrated into the business.

Mr Baumann said: “Through the end of 2022 alone, we aim to invest a total of around €35bn in our company’s future, with research and development accounting for over two thirds of this figure and capital expenditures for just under one third.”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in