Bayer to cut 12,000 jobs and sell brands

Bayer to cut 12,000 jobs and sell brands

The Leverkusen-based company said Thursday that details of the cuts to its 118,200-strong workforce would be worked out in coming months but that "a significant number" of the reductions would come in Germany.

The group said it was looking at options - that could include a sale - for the Coppertone sunscreen and Dr. Scholl's foot care products from the consumer healthcare division it bought from Merck & Co in 2014 for $14 billion.

German chemical and pharmaceutical giant Bayer said yesterday it would slash 12,000 jobs in a major restructuring following the mammoth takeover of Monsanto, enabling it to save €2.6 billion (RM12.34 billion) a year from 2022.

Shares in Bayer have dropped by more than a third so far this year, in part because of concerns over the company's exposure to lawsuits involving Roundup, a weedkiller made by Monsanto.

The company said it was targeting core earnings per share of €6.80 ($10.27) in 2019, up from an expected €5.70 to €5.90 ($8.61 to $8.91) this year, with a 2022 target of around €10 ($15.11), when discounting the effect of currency swings and portfolio changes.

TAPPED OUT: Tijuana Mayor Calls for 'ARREST' of Caravan Organizers, Cuts Funding
One of the other men who illegally crossed into the United States after traveling in the caravan has been deported in the past. Concerns had been growing over unhealthy conditions at the muddy sports field where migrants are sleeping in small tents.

Man Utd boss Mourinho: Southampton in false position
Can we go there now and bring Harry Kane? There was no place for Anthony Martial despite him being widely regarded as United's best player this season.

Hyundai Palisade arrives with bold design and more space
The new Hyundai Palisade is powered by a 3.8-liter V-6 making 291 horsepower and 262 pound-feet of torque. Interior combinations include unique molding accent colours tailored to match the exterior combination.

"As we now proceed with these measures, we are laying the foundation to sustainably enhance Bayer's performance and profitability", said. "With these measures, we aim to take full advantage of the growth potential for our businesses", Baumann said.

In its statement, Bayer said the introduction of a number of new products has led to a significant increase in competition in the haemophilia segment, and in order to remain competitive it has chose to focus all its recombinant factor VIII production at its facility in Berkeley, US.

Chemical campaigners and politicians in the USA and Europe argue that glyphosate causes cancer, although Bayer points to scientific studies finding no connection. Glyphosate, which Bayer says is safe, and is one of the most commonly used weed killers in the world, is used in Monsanto's Roundup and RangerPro.

By the end of last month, the USA subsidiary was facing 9,300 cases over glyphosate.

He acknowledged that more lawsuits could come, but reiterated that Bayer would "defend ourselves with all means available".

Related Articles