Bayer to cut 950 jobs in Berlin following Schering takeover

0 Comments | AFP, February, 2007

LEVERKUSEN, Germany (AFP) — German chemicals and pharmaceutcials giant Bayer said Wednesday that it planned to axe 950 jobs in Berlin following its acquisition of drug-maker Schering, which is based in the German capital.

Schering employs a workforce of about 5,500 in Berlin.

The cuts, which would not include any compulsory redundancies, were aimed at achieving some 700 million euros (924 million dollars) in annual cost-savings targeted as part of the takeover of Schering, Bayer said in a statement.

The job cuts would implemented in a "socially acceptable" manner, via attrition, Bayer said.

Already, individual solutions, including early retirement and voluntary redundancies, had been found for 350 employees. A further 250 had been offered jobs...