Essen, Germany – German speciality chemicals firm Evonik AG is to cut up to 1,000 jobs globally by 2020 in a bid to reduce costs by €200 million, the company announced 27 June.
The jobs will be in administration and sales positions and will help it towards achieving a “performance-oriented” corporate culture and a “healthy cost structure,” said the company statement.
In autumn 2017, Evonik set itself a target of permanently reducing administrative and selling expenses by €200 million worldwide.
According to the company, about two-thirds of the cost savings will come from administration and a third will come from sales functions.
The first €50 million of the cuts will be achieved this year, Evonik added.