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Business
Bayer To Eliminate 4,500 Positions
by Michael McCoy
November 22, 2010
| A version of this story appeared in
Volume 88, Issue 47
German chemicals and drug conglomerate Bayer will eliminate 4,500 jobs by the end of 2012. Roughly 1,700 of the cuts will be in Germany. The company says 2,500 new jobs will be created over the same period, particularly in emerging markets, for a net reduction of 2,000 positions from the firm’s current global headcount of 108,700. The company says the action will yield annual cost savings of about $1.1 billion. Marijn Dekkers, who became chairman of Bayer on Oct. 1, says the company needs the money to invest in new products and expand in emerging markets.
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