Bayer Pharmaceutical Will Eliminate Thousands Of Jobs In The World

BERLIN – The German pharmaceutical group Bayer AG announced on Thursday the removal of 12,000 jobs worldwide to reduce costs.

The Leverkusen-based company, which employs 118,200 people, said the details of the cuts would be fine-tuned in the coming months, but that a significant number of cuts would be in Germany.

"Bayer expects an annual contribution of 2,600 million euros from 2022" of the "synergy expected from the acquisition of Monsanto" and other structural measures and efficiency, including the removal of jobs.

The pharmaceutical company said that part of the funds would be used to boost competitiveness and innovation in its divisions.

Bayer shares rose with the reports and rose by 3% in evening prices in Frankfurt.

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