Memphis Daily News Chandler Reports Nashville Ledger
» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X

Forgot your password?
Skip Navigation LinksHome > Article
VOL. 42 | NO. 48 | Friday, November 30, 2018

German pharmaceutical company Bayer cutting 12,000 jobs

Print | Front Page | Email this story

BERLIN (AP) — German pharmaceutical giant Bayer AG says it's cutting 12,000 jobs worldwide as it seeks to reduce costs.

The Leverkusen-based company said Thursday that details of the cuts to its 118,200-stong workforce would be worked out in coming months but that "a significant number" of the reductions would come in Germany.

Bayer acquired U.S. seed and weed-killer maker Monsanto Co. this year. It says with the "synergies expected from the acquisition of Monsanto" and other efficiency and structural measures, including the job cuts, "Bayer anticipates annual contributions of 2.6 billion euros from 2022 on."

The company says a portion of the funds will be used to strengthen competitiveness and innovation in its divisions.

Bayer shares rose on the news and were up 3 percent in afternoon trading in Frankfurt.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0