Bayer will lay off 12,000 employees

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

In a press release, Werner Baumann, Chairman of the Board of Bayer, AG, said he did not present for the moment the details of its impact on the country restructuring.

"Until now, we do not know how this will affect geographically, but once we have this information, we will share it with you", he said.

Bayer has a plant science division at Juana Díaz (Bayer Crop Science) and another plant in Guaynabo.

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

Bayer bought this year the US manufacturer of herbicides Monsanto Co.

"Bayer expects annual contributions of 2,600 million euros from 2022" on "the expected synergy arising from the Monsanto acquisition" and other structural and efficiency measures, 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.