Bayer AG to cut 4,500 jobs
by The Canadian Press
Not known if Canadian operations will be effected
German chemical company Bayer AG is planning to cut 4,500 jobs by the end of 2012.
Chief executive Marijn Dekkers said in a statement the cost-cutting measures will put the company in a stronger position to grow.
The statement said the layoffs —1,700 of them planned in Germany— will be partly offset by the creation of an estimated 2,500 positions in emerging markets.
It was not immediately known if any of the 900 employees of Bayer Inc., the company’s Canadian subsidiary, would be affected by the layoff.
Headquartered in Toronto, Bayer Inc. operates the Bayer Group’s HealthCare and MaterialScience businesses in Canada.
Canadian Bayer facilities include the Toronto headquarters and offices in Montreal and Calgary. Bayer CropScience Inc., headquartered in Calgary, operates as a separate legal entity in Canada.
According to the company’s website, Bayer Inc. had sales of over $900 million in 2008 and invested some $36 million research and development.
Bayer, famous for its aspirin but also a producer of pesticides, plastics and pharmaceuticals, currently employs some 108,700 people worldwide.
The company, based in Leverkusen, Germany, last month reported higher revenues and net earnings for its third-quarter, with a net profit of euro280 million and a revenue of euro8.58 billion for the July-September period.
© The Canadian Press