Bayer to Sell Businesses, Cut Jobs After Monsanto Deal

German pharmaceutical giant Bayer to cut thousands of jobs and sell off businesses, after Monsanto deal

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The planned job cuts will affect about one in every ten of the group's 118,200 posts, "a significant number of them in Germany", said the group in a statement.

Bayer announced Thursday it will eliminate about 12,000 jobs in its global workforce due to its merger with chemical company Monsanto.

But barely two months later, a court ruling in the USA left Bayer with multi-million-dollar damages to pay as the judge found that its newly acquired subsidiary Monsanto should have warned a user about cancer risks from its herbicide Roundup.

German pharmaceutical giant Bayer to cut thousands of jobs and sell off businesses, after Monsanto deal
Bayer to slash 12,000 jobs, sell businesses after Monsanto deal

German pharmaceutical giant Bayer said Thursday it will cut 12,000 jobs - 12 percent of its global workforce - following its acquisition this year of USA company Monsanto.

The group is looking into strategic options for product lines including Coppertone sunscreen and Dr. Scholl's for foot care, among the main brands from Merck & Co.'s consumer health-care division it bought in 2014 for US$14-billion.

Associated Press -German pharmaceutical giant Bayer AG says it's cutting 12,000 jobs worldwide as it seeks to reduce costs. 1,100 jobs will be lost when it reorganises its consumer health unit, while it will cull 4,100 positions in crop sciences following the integration of of Monsanto, and up to 6,000 elsewhere.

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The company said it expected to complete trimming its headcount by the end of 2021. "With these measures, we aim to take full advantage of the growth potential for our businesses", Baumann said. The shares fell 2.3 percent as of 5 p.m.in Frankfurt trading, erasing initial gains after the announcement.

Bayer acquired USA seed and weed-killer maker Monsanto Co. this year.

"Today's decisions were not made necessary by the recent acquisition, and certainly not by glyphosate litigation in the U.S.", Chief Executive Officer Werner Baumann said on a call with reporters, referring to Roundup's chemical compound.

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In its statement, Bayer said the introduction of a number of new products has led to a significant increase in competition in the haemophilia segment, and in order to remain competitive it has chose to focus all its recombinant factor VIII production at its facility in Berkeley, US.

More than 9,000 people in the United States have sued Monsanto over its glyphosate herbicide, Frankfurter Allgemeine reported this month.

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