Berlin – The German Bayer AG pharmaceutical company today announced that it will eliminate 12,000 jobs to reduce costs worldwide.
In a press release, Werner Baumann, the chairman of the board of directors of Bayer, as AG has not updated, determines how the restructuring affects the country.
"Until now we have no geographic impact, but we will share this information with you once"he said.
Bayer has a laboratory division of Juana Díaz (Bayer Crop Science) and Guaynabo's other facilities.
The Leverkusen-based company, with a workforce of 118,200, has said that the details of the cuts will be adjusted in the coming months, but there will be a lot of restrictions in Germany.
Bayer recently bought a US herbicide manufacturer Monsanto Co.
"Bayer provides an annual contribution of 2,600 million euros from 2022 onwards" to the expected synergy of the acquisition of Monsanto "and other structural and efficiency measures, including labor cuts.
The pharmaceutical company has said that part of the funds is their division of competitiveness and innovation.
Bayer's shares were issued reports and 3% in Frankfurt's afternoon prices increased.