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Bayer Plans Major Job Cuts to Support R&D and Emerging Market Investments

5:28 AM MST | November 19, 2010

Bayer says it will cut about 4,500 jobs, roughly 4% of its total workforce, by the end of 2012 in a bid to yield annual savings of €800 million ($1.2 billion) by 2013. However, the company will also add about 2,500 new jobs to support growth initiatives, and says it will reinvest about half the estimated savings from the job cuts in R&D efforts, particularly within its Bayer HealthCare and Bayer CropScience units, as well as in expanding its operations in emerging markets. The job cuts will result in charges totaling about €1 billion from the fourth...

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