Bayer to reduce number of cuts
July 12, 2004
The Associated Press reports drug and chemical maker Bayer AG will reduce the number of job cuts planned for this year and next to 3,000 instead of 4,000, the company said Monday. The reduction in the number of jobs being eliminated came as part of an agreement with employee representatives on securing production and jobs, the company said. The 3,000 cuts represent less than 3 percent of its overall work force. Bayer began trimming its work force after its business ran into trouble from the withdrawal of its cholesterol-lowering drug Baycol, also called Lipobay, in 2001. The Leverkusen-based company had 114,300 employees at the end of the first quarter.