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Bayer to cut more than 1.5 billion euros in costs – Reuters UK


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Bayer to cut more than 1.5 billion euros in costs – Reuters UK

FILE PHOTO: The logo of Bayer AG is pictured at the facade of the historic headquarters of the German pharmaceutical and chemical maker in Leverkusen, Germany, April 27, 2020. REUTERS/Wolfgang RattayBERLIN (Reuters) – German drugs company Bayer AG BAYGn.DE announced plans on Wednesday for more than 1.5 billion euros (£1.36 billion)of cost cuts as of…

Bayer to cut more than 1.5 billion euros in costs – Reuters UK

FILE PHOTO: The logo of Bayer AG is pictured at the facade of the historic headquarters of the German pharmaceutical and chemical maker in Leverkusen, Germany, April 27, 2020. REUTERS/Wolfgang Rattay

BERLIN (Reuters) – German drugs company Bayer AG BAYGn.DE announced plans on Wednesday for more than 1.5 billion euros (£1.36 billion)of cost cuts as of 2024, on top of savings announced in 2018, as it battles with a slowdown in the agricultural market.

The cash flow freed up would be allocated for investments in further innovation, profitable growth opportunities and debt reduction. It said the restructuring, which may also lead to extra job cuts, is in the early stages of planning.

Bayer said it expects 2021 sales to be about the same as in 2020, despite significant headwinds from COVID-19, especially in the agricultural market, and said it expects core earnings per share to be slightly lower at constant exchange rates.

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Reporting by Emma Thomasson; Editing by Andrew Cawthorne

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