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 Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20 - Manufacture of chemicals and chemical products
400 jobs Number of planned job losses
Announcement Date
25 October 2018
Employment effect (start)
1 January 2019
Foreseen end date
31 December 2020
Description
German plastics manufacturer Covestro - a former part of Bayer - announced a restructuring programme that shall support the new company in weathering competition and the challenges due to digitalisation. The company aims at saving €350 million in costs until 2021 and will until the end of 2020 cut 900 jobs worldwide, out of these 400 in Germany. In Leverkusen, where the company's headquarter is based, administrative positions and other 'central positions' will be affected. The job cuts shall preferably be realised via natural departures, early retirement and job transfer measures.
Sources
Citation
Eurofound (2018), Covestro, Internal restructuring in Germany, factsheet number 96324, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96324.
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