Bayer AG slashing 12,000 jobs worldwide
In a bid to reduce costs, German pharmaceutical giant Bayer AG is cutting 12,000 jobs worldwide.
The company said a significant number of reductions will affect Germany, of which the total cut will represent about 10% of the workforce. Bayer AG has more than 118,000 employees worldwide.
Aside from layoffs, the company is also planning to exit the sun-care and foot-care segments. The move will boost the company’s core pharma and agricultural businesses.
The firm’s moves stem from the wave of lawsuits that came alongside last year’s US$63 billion (SGD$86 billion) takeover of Monsanto.
Since August, Bayer has lost US$34.1 billion (SGD$47 billion) in market capitalisation after a California jury ruled against Monsanto’s signature weed-killer ‘Roundup’. The company has at least 9,000 other lawsuits pending.