BAYER TO ELIMINATE 6,100 JOBS WORLDWIDE
Bayer is cutting 6,100 jobs as part of its acquisition of Schering AG, the German company announced. The cuts, which will eliminate about 5.5 percent of Bayer's work force, are a necessary part of minimizing the overlap between the two companies, Bayer said.
When Bayer acquired Schering last year for nearly $22 billion, the companies announced jobs would be eliminated.
In addition to reducing its work force, Bayer will decrease its number of locations, focus its R&D activities and streamline marketing and administration processes, the company said.
Europe will lose 3,150 jobs, 1,500 of which will be in Germany. The cuts will reduce the company's work force in the U.S. by 1,000, in Latin America and Canada by 1,200 and in Asia by 750.
The largest portion of the cuts will occur in the administration, local and regional infrastructure areas, which will lose 2,850 positions combined. Production will lose 1,850 jobs, and 1,400 jobs will be cut from global R&D.
will complete the work force reductions by 2009, and it estimated the actions
will save the company $924 million.