Covestro plans to cut up to 1,700 jobs, 10.3% of its total workforce, according to local press reports citing trade union sources. Up to 950 of the job losses could be in Germany, the reports say. Covestro had not responded to CW’s request for comment by press time.
On 1 July, Covestro completed a previously announced realignment of its group structure, reorganizing its three former business units—polyurethanes; polycarbonates; and coatings, adhesives, and specialties—into seven tailored business entities. Covestro says it now distinguishes between the performance materials, and solutions and specialties reporting segments, with the new structure to be used in the company’s third quarter 2021 results.
Details of the planned job cuts are expected to be announced in the coming months.
Source: Rheinishe Post
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