Bayer to cut 12,000 jobs after Monsanto takeover

Berlin: German chemical and pharmaceutical giant Bayer said it would slash 12,000 jobs in a major restructuring following the mammoth takeover of Monsanto, enabling it to save 2.6 billion euros ($3 billion) a year from 2022.
The planned job cuts will affect about one in every ten of the group’s 118,200 posts, “a significant number of them in Germany”, said the group in a statement.
Bayer swallowed Monsanto in one of Germany’s biggest ever corporate takeovers at a cost of $63 billion in June.
But barely two months later, a court ruling in the US left Bayer with multi-million-dollar damages to pay as the judge found that its newly acquired subsidiary Monsanto should have warned a user about cancer risks from its herbicide Roundup.
Announcing details of the restructuring, Bayer said it planned to exit its animal health business, in order to concentrate resources on its core businesses of pharmaceuticals, consumer health and crop science.
It is also looking at letting go of its Coppertone sun care brand and Dr. Scholl’s foot care product line. — AFP