Evonik to Cut 2,000 Jobs

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.