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Bayer to Cut 1,500 Jobs in Plastics; Group Expects Strong Year

10:22 AM MST | November 14, 2007 | Natasha Alperowicz in Leverkusen

Bayer says it will carry out a major restructuring of its Bayer MaterialScience (BMS) unit, with the loss of 1,500 jobs, 10% of BMS’s total. The restructuring is intended to save the company an annualized €300 million ($434.5 million) by the end of 2009, Bayer chairman Werner Wenning said last week at the company’s third-quarter results presentation at Leverkusen. Of the total cuts, 400-500 jobs will be lost in Germany where BMS currently has 7,000 employees, Wenning says. BMS plans to reduce staffing levels by 155 at Antwerp and by about 200 at...

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