Bayer to Let Go Most Employees of Consultancy Unit
Provided by
Dow Jones
By Nina Kienle
Bayer's planned closure of its in-house consultancy would result in the majority of the unit's 200 employees losing their jobs, a spokesman said Wednesday.
The German pharmaceutical and agricultural company on Tuesday said it would close offices in Germany, the U.S., Brazil, China and Singapore.
Bayer said is targeting a cost reduction of 2.0 billion euros ($2.17 billion) from 2026, which corresponds to around a fifth of the operating profit planned for 2024.
News of the job cuts was first reported by German newspaper Handelsblatt.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
March 06, 2024 10:14 ET (15:14 GMT)
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