Leverkusen, Germany-- Management at German chemicals giant Bayer is to meet with workers at the group's MaterialScience operation in an efforts to cut the division's costs,according to press reports.
News agency Bloomberg reported details of a dinner yesterday with Bayer chief executive Marijn Dekkers where he said there was a need to continue lowering costs.
Measures would be what he called "small adjustments" to raise MaterialScience's profitability as the group waits on an increase in demand for its products.
Dekkers declined to comment on whether the cost cutting initiative would lead to job losses, Bloomberg said.
While many have argued that Bayer should sell off the MaterialScience unit Dekkers has said that he saw no pressing need for a deal.
The division reported revenues of €11.5bn (£9.6bn) in 2012, up 6% on the previous year, and earnings before interest, depreciation and amortisation of €1.22bn (£1bn), up 0.7%.
The company was meanwhile on "the right path" as it pursued organic growth, he told journalists at the dinner in Leverkusen, Bayer's home town.
Bayer recently announced that it is going ahead with a , China, MDI plant.
The costs story first appeared in Plastics and Rubber Weekly.