German drugs giant Bayer to cut 12,000 jobs worldwide

Group bought Monsanto in controversial $66bn deal two years ago

Bayer is selling a number of brands in a bit to be more competitive (REUTERS)

German pharmaceutical giant Bayer is planning to cut 12,000 jobs worldwide, in a restructuring that will also see the group sell a number of brands, including Dr Scholl’s.

The company currently employs 118,200 people globally, including at two UK sites, and said a “significant number” of the roles to be cut are in Germany.

The group said it is aiming to improve competitiveness and profitability, and plans to strengthen its life science businesses and improve productivity and innovation.

Werner Baumann, Bayer chair, said: “We have made very good progress with Bayer’s strategic development in recent years. As we now proceed with these measures, we are laying the foundation to sustainably enhance Bayer’s performance and profitability.

“With these measures, we are positioning Bayer optimally for the future as a life science company.”

He added: “These changes are necessary and lay the foundation for Bayer to enhance its performance and agility. With these measures, we aim to take full advantage of the growth potential for our businesses.

“We are aware of the gravity of these decisions for our employees. As in the past, we will implement the planned measures in a fair and responsible way.”

In 2016, Bayer bought US group Monsanto for $66bn (£52bn) in a controversial deal that was met with protests in more than 40 countries.

On Thursday, Bayer said it expects to save €2.6bn (£2.3bn) per year from 2022 onwards, after Monsanto has been integrated into the business.

Mr Baumann said: “Through the end of 2022 alone, we aim to invest a total of around €35bn in our company’s future, with research and development accounting for over two thirds of this figure and capital expenditures for just under one third.”