Germany’s Covestro to cut up to 10% of jobs worldwide, newspaper reports

Contributor Zuzanna Szymanska Reuters Published Sep 3, 2021 2:23AM EDT

German chemicals maker Covestro plans to cut up to 1,700 of its 16,500 jobs worldwide, the Rheinische Post newspaper reported.

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Sept 3 (Reuters) – German chemicals maker Covestro 1COV.DE plans to cut up to 1,700 of its 16,500 jobs worldwide, the Rheinische Post newspaper reported.

In Germany, the maker of foam chemicals and hard plastics could cut up to 950 jobs out of 7,600, the paper said in its report on Thursday, citing trade union circles.

Covestro confirmed the figures as a first preliminary estimate. A further update would come in the coming months, the company’s spokeswoman told Reuters on Wednesday, saying the move was part of the company’s restructuring plan implemented on July 1.

“We are now looking into all our activities and processes and see if they fit with the strategy and how they contribute to it. This also means personnel adjustments,” the spokeswoman said.

She said the adjustments, which Covestro would make in cooperation with employee representatives, would take place until the end of 2023.

(Reporting by Zuzanna Szymanska in Gdansk; Editing by Clarence Fernandez and Edmund Blair)

https://www.nasdaq.com/articles/germanys-covestro-to-cut-up-to-10-of-jobs-worldwide-newspaper-reports-2021-09-03