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Evonik to cut up to 2,000 jobs globally by 2026
Industry News- Mar 06,24
German Chemical Company Evonik Industries, known for its products used in various items including animal feed and Pfizer/BioNTech's COVID-19 vaccine plans to cut jobs by 2026 in order to reduce costs.
German Chemical Company Evonik Industries, known for its products used in various items including animal feed and Pfizer/BioNTech's COVID-19 vaccine plans to cut jobs by 2026 in order to reduce costs.
German chemicals company Evonik Industries announced plans on 4th March, 2024 to cut up to 2,000 jobs globally by 2026 in order to reduce costs. The company stated that it does not expect to see any signs of recovery in 2024. These job cuts are expected to save the company approximately 400 million euros each year once the program is complete., said the company.
Most of the job reductions, around 1,500 positions, will occur in Germany. Evonik, known for its products used in various items including animal feed and Pfizer/BioNTech's COVID-19 vaccine, anticipates adjusted earnings before interest, taxes, depreciation, and amortiszation (EBITDA) for 2024 to be between 1.7 billion to 2.0 billion euros.
CEO, Christian Kullmann said, "What we are currently experiencing are not cyclical fluctuations, but massive, consequential changes of our economic environment."
Chemical companies, like Evonik, have been facing challenges for over a year due to reduced demand from industrial clients, leading to the need for inventory reductions.
Despite these measures, the company plans to maintain its annual dividend at 1.17 euros per share, the same as the previous year.
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Evonik to cut up to 2,000 jobs globally by 2026
German Chemical Company Evonik Industries, known for its products used in various items including animal feed and Pfizer/BioNTech's COVID-19 vaccine plans to cut jobs by 2026 in order to reduce cost..
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