Pharmaceutical company Bayer is heading for a restructuring that would see it shed 12,000 jobs in various countries, the firm's representatives said. The German giant took over US-based Monsanto earlier this year.
The management of the Leverkusen-based Bayer is preparing to strike off 12,000 people between now and the end of 2021, with German employees expected to bear a "significant part" of job losses, the company said on Thursday.
"With the measures we are taking now, we will manage to raise the performance and profitability of Bayer in a sustainable manner," the company's CEO Werner Baumann said.
The multi-national concern is also planning a sale of its animal health unit. Additionally, the company is intent on dropping over-the-counter brands such as Coppertone sun lotion and Dr. Scholl's foot care products.
In September, the company reported low earnings for the second quarter of 2018. The sharp income drop follows the German firm's acquisition of US-based crop science giant Monsanto. Bayer paid €54 billion ($61.4 billion) which was the biggest foreign takeover in history for a German firm.
While publishing details of the restructuring and job cuts on Thursday, the company also announced a deal with the works council, pledging that there would be no more restructuring resulting in major job losses until 2025.
dj/msh (Reuters, dpa)