Evonik Industries says it will cut 1,000 jobs, almost 3% of its workforce, by the end of 2020 as part of a previously announced cost-cutting program. The initiative targets annualized cost savings of €200 million by the end of 2020. The company says that management and employee representatives have agreed on the key points of the program.
The jobs to be lost will be in administrative and sales functions. About two-thirds of the cost savings will come from administration and one-third will be from sales, Evonik says. The first €50 million of the savings will be achieved this year and will mainly comprise material costs. A detailed analysis of all administrative and support functions was carried out in recent months to realize the remaining €150 million of cuts, Evonik says.
Evonik says that an existing agreement that rules out business-related dismissals for employees in Germany has been extended until mid-2023.
Evonik chairman Christian Kullmann says Evonik is targeting a balanced portfolio, leading innovative capability, and a new, performance-oriented culture. “To this end, we are now making a big step forward on the cost side,” Kullmann says. “We want to accelerate decision-making and strengthen cost-awareness.”
By Ian Young
Source: Chemical Week
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