Leverkusen, Germany -- Global materials firm Covestro, plans to cut about 1,700 jobs by the end of 2023.
The cuts are part of the firm's Sustainable Future strategy 'to become the best of who we are and create a strong basis for long-term development.'
Covestro began implementing this strategy on 1 July when it introduced a new group structure. As the next step, the firm 'will make further optimisations and adjustments' by the end of 2023.
'We are currently examining all our activities worldwide to determine whether they fit with our strategy and vision and to what extent they contribute to sustainable growth,' the company added.
'As a result of our wider transformation, there will also be personnel adjustments. In a first step, a savings potential of around 1,700 jobs has been identified across the group.
'Now the detail planning will begin, and we are working to validate this number. We will work closely with employee representatives to ensure that we are carefully and responsibly implementing measures.'
The company said that once an internal analysis has been completed and an agreement has been reached with employee representatives, the firm will be able to share more information.
If the company does loose 1700 people that would be about 10% of Covestro's global work force. The firm was spun off from Bayer AG in 2015.
This is an edited version of a story which first appeared in Plastics News.