Sector News

Evonik to cut 1,000 jobs in cost-reduction program

June 28, 2018
Energy & Chemical Value Chain

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

comments closed

Related News

June 22, 2024

Vynova announces R&D programme on PVC recycling technologies

Energy & Chemical Value Chain

Vynova announced the launch of a research & development programme to further advance PVC recycling and help the PVC value chain accelerate towards circularity. Vynova’s innovation efforts focus on technologies to remove heavy metals from dissolved rigid post-consumer PVC waste such as used window profiles or pipes.

June 22, 2024

Actylis appoints Scott Thomson as CEO

Energy & Chemical Value Chain

Actylis, a global manufacturer and sourcing expert of critical materials and performance ingredients for the life sciences and specialty chemicals markets formed in 2022, appointed Scott Thomson as new Chief Executive Officer. Scott Thomson, who succeeds Gilles Cottier at the helm of the Port Washington, NY-based CDMO, has a three-decade track record in the pharmaceutical and chemical industries.

June 22, 2024

ADM and Bayer expand regenerative agriculture partnership

Energy & Chemical Value Chain

ADM and Bayer have announced an extension of their regenerative agriculture collaboration, working with farmers to lower carbon emissions across Europe. The companies embarked on a feasibility study last year to evaluate regenerative agriculture practices’ impact on curbing carbon emissions, increasing biodiversity and improving soil health.

How can we help you?

We're easy to reach