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The chemicals company said the job cuts will mostly affect management positions in Germany.

Staff

March 6, 2024

1 Min Read
Evonik facility
Image courtesy of Evonik

Expecting the global “economic storm” to continue in 2024, German chemicals company Evonik has announced that it will cut 2,000 jobs by 2026. Representing 6% of its global workforce, the job cuts are expected to save approximately $433.5 million annually, according to reporting by Seeking Alpha.


The cuts will include a “disproportionate number of management positions” in Germany, Evonik said, accounting for approximately 1,500 of the job losses.


Evonik posted a net loss of €146 million ($158 million) in the fourth quarter compared with a loss of €284 million ($308 million) in the year-earlier quarter; adjusted EBITDA fell 24% year on year to €312 million ($338 million); and revenues sank 17% to €3.6 billion ($3.9 billion), reports Seeking Alpha.

Evonik said during the earnings call that it will sell its superabsorbents business to the International Chemical Investors Group (ICIG) for a price in the low triple-digit million-euro range, according to Reuters.

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