German chemical and pharmaceutical group Bayer cut 3,200 jobs in the first half of the year, including about 2,500 management positions, Chief Executive Officer Bill Anderson said on Tuesday.
In March, Bayer announced a strategic plan to save 2 billion euros a year from 2026 and 500 million euros by 2024, which included layoffs, especially among senior management.
At a press conference to present second-quarter financial results, Anderson said the company was “on track” to meet its cost-savings goals after cutting 3,200 jobs in the first half of the year, including 1,700 eliminated between April and June.
He also explained that under the new organizational structure, employees should be able to make 95% of decisions on their own, so the number of employees at the disposal of management has increased to 30 in some cases.
“We’ve made very good progress so far. I would say we’re going faster than we expected, but we don’t have numbers for the rest of the year or next year,” the manager said when asked how many more jobs would be lost.
German chemical and pharmaceutical group Bayer also reported that its profit rose almost sevenfold in the first half of the year to 1.966 million euros compared with the same half of the previous year.
In the first six months, turnover fell by 2.1% to EUR 24,909 million due to a decline in the personal care, crop protection and agricultural products businesses, particularly in crop production.
In the second quarter, Bayer suffered a loss of 34 million euros, which is seven times less than in the same quarter last year.
Author: Lusa
Source: CM Jornal
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