Bayer announces more redundancies

Published: 18-Sep-2002


Bayer has confirmed a further 4,700 job cuts, to be made by 2005. The redundancies come in addition to the 10,300 positions the firm previously said it would be implementing over the coming four years.

40% of the new cuts will be made at the company's German headquarters, but the firm said that details of how the job cuts will be implemented are yet to be worked out.

Werner Wenning, the company's chairman, said that the action was: 'unfortunately essential in order to maintain Bayer's competitiveness in these difficult times and pave the way for sustained growth.'

Bayer said that the job cuts represented a reasonable step towards restoring mid-term profitability in the pharmaceutical division.

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