FRANKFURT -(Dow Jones)- German pharmaceuticals and chemicals conglomerate Bayer AG (BAYN.XE) Sunday rejected a magazine report according to which there are concrete plans to slash up to 700 jobs in Germany at locations of its pharmaceutical unit.
A spokesman for Bayer Health Care Pharmaceuticals, Oliver Renner, said Sunday that it isn't yet clear where the announced job cuts will happen within Bayer Health Care, as negotiations with the works council are continuing and haven't been concluded yet.
Renner said nothing has changed with regards to the number of job cuts announced in November. Back then, Bayer said it wants to cut 4,500 jobs globally to cut costs by EUR800 million annually from 2013 in an effort to offset falling revenue caused by generic competition and medicine price pressures imposed by governments.
The denial follows a report in German weekly magazine WirtschaftsWoche which said Bayer wants to cut 700 jobs in Germany in the pharmaceutical sector, mostly in Berlin, but also in Leverkusen and Wuppertal.
Sunday, February 06, 2011
Bayer: No Decision Yet On Job Cuts At Pharmaceutical Unit - FoxBusiness.com
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