The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Coke And Refined Petroleum Products Manufacture Of Coke And Refined Petroleum Products 19 - Manufacture of coke and refined petroleum products
1,700 jobs Number of planned job losses
Announcement Date
18 November 2010
Employment effect (start)
Foreseen end date
31 December 2012
Description
On 18 November 2010, the health care and chemical company Bayer announced their intentions to eliminate 1,700 jobs in Germany by the end of 2012. These job cuts are part of a worldwide restructuring programme, in which a total of 4,500 jobs will be lost. In the German case, a company's agreement rules out dismissals due to operational reasons until 2012. However, negotiations with the works' council are to start soon.
Bayer stated to have to fight rising development costs, the competition from generica production and the effects of the health care reform. With the restructuring programme, the company intends to save around 800 million euros annually (from 2013 onwards). Around half of the savings is to be reinvested in Bayers new growth strategy that focuses on research and development as well as new markets in Asia and Latin America. The company currently employs 108,700 staff worldwide.
Update 9.2.2011: A company press release states that Bayer and the Unions have come to an agreement by which the 1700 jobs cuts will be implemented by 2012. There will be no direct dismissals and redundancies will be implemented through early retirement and natural attrition, relocations as well as the possibility for employees to switch to working part-time.
Sources
19 November 2010: Financial Times Deutschland
19 November 2010: Handelsblatt
9 February 2011: Bayer (press release)
Citation
Eurofound (2010), Bayer, Internal restructuring in Germany, factsheet number 71207, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71207.
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