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Bayer Cuts 4,700 More Jobs
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Business New Haven
9/16/2002
By: BNH
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LEVERKUSEN, Germany - In the face of the economic situation and increased international competition, the Bayer Group announced that it cut another 4,700 jobs worldwide by 2005. These plans were presented by the company's Board of Management to the September 12 meeting of the Supervisory Board.
Some time ago Bayer announced that global headcount would be reduced by 10,300 over the next four years - including 1,800 positions already eliminated - as part of the company's current restructuring programs, the realization of synergies from the acquisition of Aventis CropScience, and the employment reductions in pharmaceuticals that are due to the withdrawal of the cholesterol-lowering drug Lipobay/Baycol and other factors. The company says the reorganization of the group and the current state of the world economy make it necessary to abolish an additional 4,700 positions, of which 40 percent will be at Bayer AG in Germany. Details of how the job cuts will be implemented will be worked out in consultation with employee representatives.
Said Bayer Management Board Chairman Werner Wenning, “This action is unfortunately essential in order to maintain Bayer's competitiveness in these difficult times and pave the way for sustained growth.”
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