Restructuring events
European Restructuring Monitor (ERM)
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.
The German chemicals and pharmaceuticals group Bayer has announced a reorganisation to achieve greater efficiency across its supporting functions and services, that will lead to cut 12,000 positions on a total workforce of 118,200 employees worldwide by the end of 2021, a significant number of them in Germany. Taking into account the 'synergies expected from the acquisition of Monsanto', stated the company, 'Bayer anticipates annual contributions of €2.6 billion from 2022 on as a result of its planned efficiency and structural measures'.
Details about the job cuts and countries affected 'will be worked out in the months ahead', according to the company. However, Bayer has already announced that the planned reduction of around 12,000 jobs is accounted for by the various measures as follows: at Pharmaceuticals, approximately 900 jobs in R&D and around 350 positions in connection with the factor VIII facility in Wuppertal (Germany); roughly 1,100 jobs associated with the reorganization at Consumer Health; around 4,100 positions at Crop Science as the result of integrating the acquired agriculture business; and a further 5,500 to 6,000 jobs in the corporate functions, supporting functions, business services and country platforms. 'These changes are necessary and lay the foundation for Bayer to enhance its performance and agility. With these measures, we aim to take full advantage of the growth potential for our businesses,' said the Chairman of the Board of Management of Bayer AG. He also commented that 'as in the past', the company 'will implement the planned measures in a fair and responsible way'.
Eurofound (2018), Bayer, Internal restructuring in World, factsheet number 95957, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/95957.
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