German chemical and pharmaceutical group Bayer has cut 3,200 jobs in the first half of the year, including around 2,500 management positions, CEO Bill Anderson said Tuesday.
Bayer announced in March a strategic plan to save 2 billion euros a year from 2026 and 500 million euros until 2024, which included layoffs, especially among its management staff.
At the press conference to present the second quarter financial results, Anderson said that The company is “on track” to achieve its savings targets, after eliminating 3,200 jobs in the first half of the yearof which 1,700 were eliminated between April and June.
He also explained that, according to the new organisational chart, workers must be able to make 95% of decisions independently, which is why the number of workers available to management has increased to 30 in some cases.
“We have made a lot of progress so far, I would say we are moving faster than we expected, but we do not have figures for the rest of the year or for next year,” said the executive when asked how many more jobs will be created.
German chemical and pharmaceutical group Bayer also announced that its profits increased almost sevenfold in the first half of the year to 1.966 billion euros, compared to the same period last year.
In the first six months, sales fell by 2.1% to €24.9 billion, driven by a decline in the personal care division, the crop protection division and the agricultural products division, specifically Crop Science.
In the second quarter, Bayer posted losses of 34 million euros, seven times less than in the same quarter last year.
Source: Observadora
