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Business

Bayer to Slash Jobs as Sales Slump

German chemical and pharmaceuticals manufacturer Bayer announced it will eliminate 12 percent of its workforce by 2005. Three thousand of the 15,000 posts to be shed will be cut by the end of the year, Bayer Chairman Werner Wenning said on Tuesday. Announcing Bayer’s third-quarter results, Bayer admitted a huge slump in sales. In the first nine months of 2002, the operating result fell 42 percent to 862 million euro ($862 million). In light of the weak showing, the Leverkusen-based firm said it was looking for a new partner to take over its pharmaceutical activities.