Advertisement

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Employment

Covestro to lay off 10% of workforce

by Alex Scott
September 10, 2021 | A version of this story appeared in Volume 99, Issue 33

 

Covestro plans to eliminate up to 1,700 jobs—about 10% of its workforce—as part of a reorganization plan the firm unveiled in July aimed at becoming a sustainable, circular materials producer. Up to 950 of the jobs to be cut will be in Germany. Covestro is working out how many employees it will cut from each business unit and location. The company aims to complete the process by the end of 2023. “We are currently examining all our activities worldwide to determine whether they fit with our strategy and vision and to what extent they contribute to sustainable growth,” Covestro says. On April 1, the firm completed its acquisition of DSM’s resins and functional materials business for $1.8 billion. Subsequently, the company reorganized its former three business units of polyurethanes; polycarbonates; and coatings, adhesives, and specialties into seven entities. The planned job cuts follow strong financial results. Covestro recorded a 550% year-on-year increase in second-quarter pretax profits, to $959 million, driven by volume and pricing improvements across all segments.

Article:

This article has been sent to the following recipient:

0 /1 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.