Bayer Exiting Animal Health Business, Cutting Ag Jobs

(LEVERKUSEN, GERMANY) Bayer announced plans last week to strengthen its core life science businesses, in part by cutting 12,000 jobs worldwide. The planned reduction jobs by the end of 2021 include around 4,100 positions at Crop Science as the result of integrating the acquired agriculture business; and a further 5,500 to 6,000 jobs in the Corporate Functions, supporting functions, Business Services, and country platforms. As part of the effort, Bayer also plans to exit the Animal Health business. A spokesperson for the company said the job reduction will affect around one-tenth of the 118,000-plus jobs worldwide, a significant number of them in Germany. Bayer acquired Monsanto earlier this year but has been dealt a series of setbacks in the stock market, losing more than $34 billion in market value.