Covestro: Plans to cut up to 1,700 jobs
As reported by various German news portals, including Rheinische Post, Handelsblatt and Süddeutsche Zeitung, on 3 September 2021, Covestro plans to cut up to 1,700 jobs worldwide, including more than 900 at its four German sites in Leverkusen, Dormagen, Krefeld and Brunsbüttel, by the end of 2023.
This would be equivalent to approximately 10 % of Covestro’s total workforce. The company currently has about 18,000 employees worldwide, of which approximately 6,500 live and work in Germany. However, the figure of 1,700 jobs is only an initial internal estimate and not a concrete plan. The number will vary in the coming months, according to Handelsblatt.
There should be no compulsory redundancies; the job cuts could for instance be made through severance payments. The job cuts are a consequence of the strategic orientation towards the circular economy and the new group structure. As part of a transformation programme, the company is currently reviewing which businesses and structures no longer fit in, the reports said.