Pharmaceutical giant Bayer confirmed that it will make "significant" cuts to its workforce in Germany by the end of 2025 as part of a restructuring over huge losses in the third quarter.
"The job cuts should be implemented quickly in the coming months and completed by the end of 2025 at the latest," the giant said in a press release. Bayer, the maker of Aspirin, has about 22,000 employees in Germany and more than 100,000 worldwide. The group's companies in Germany will face "significant staff cuts," the press statement added, without specifying the number of layoffs, which come after an agreement between management and employee representatives. The restructuring aims to "reduce hierarchies and complex structures within the company" and will "involve employees with managerial or coordination tasks," it said. The cuts were announced in November after Bayer reported a huge loss of nearly 4.6 billion euros in the third quarter.
The company, which is embroiled in legal troubles in the US over the glyphosate-based weed killer Roundup, is also experiencing a shortage of leading products due to the gradual expiry of patents on several drugs. It hired Bill Anderson in June as its CEO to help steer the company in a new direction. "Bayer is in a difficult situation right now for a number of reasons," said Heike Prince, a board member. /BGNES
