Bayer will reorganize to save about $1.1 billion annually

11/18/2010 | Reuters

Bayer plans to let go 4,500 employees and create 2,500 jobs in emerging markets by 2012 as part of a restructuring. The company expects to take a one-time charge of $1.4 billion and incur annual savings of about $1.1 billion starting 2013. "To finance the expansion of our growth activities, we ... need to redirect resources, improve efficiencies and cut costs," CEO Marijn Dekkers said.

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