The chemical/BigPharma giant Bayer recently announced plans to slash 12,000 jobs from its global workforce by the end of 2021, as a corporate overhaul following its acquisition of Monsanto. A significant number of those reductions will be in Germany and more than 4,000 of those jobs will be at the company’s crop sciences division.
As you may remember, Bayer spent over $60 billion buying Monsanto but in order to get regulatory approval for the deal, it had to sell assets that included its seed business and some herbicide brands.1
On Thursday, the company said it was considering selling assets like sunscreen business Coppertone and footwear brand Dr. Scholl’s and that it also planned to get out of the business of animal health and sell its 60% stake in Currenta.2
Due to concerns about the thousands of lawsuits involving Roundup (Monsanto’s number one weedkiller), shares in Bayer have dropped this year by more than a third.
One such lawsuit was that of retired groundskeeper Dewayne Johnson who got non-Hodgkin’s lymphoma after using Roundup at his job. Johnson’s lawsuit was the first to go to trial but certainly won’t be the last.