Werner Baumann, Chairman of the Board of Management of Bayer AG, announced that approximately 12,000 Bayer employees will be laid off worldwide in addition to exiting Bayer’s Animal Health business, divesting the company’s Consumer Health brands Coppertone (tanning and skincare) and Dr. Scholl’s (foot care), and selling its 60-percent interest in Currenta, a site services provider in Germany.
In the expected corporate-speak, Baumann noted, “We have made very good progress with Bayer’s strategic development in recent years. As we now proceed with these measures, we are laying the foundation to sustainably enhance Bayer’s performance and profitability. With these measures, we are positioning Bayer optimally for the future as a life science company. These changes are necessary and lay the foundation for Bayer to enhance its performance and agility. With these measures, we aim to take full advantage of the growth potential for our businesses. We are aware of the gravity of these decisions for our employees. As in the past, we will implement the planned measures in a fair and responsible way.”
It is anticipated that most of the job losses will occur in Germany and those employees most at risk will have middle-management roles or those supporting merged (e.g. Monsanto) or eliminated operations.
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