Bayer To Cut 12,000 Jobs Amid Strategic Overhaul To Focus On Pharma

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Bayer ( BAYRY ) announced Thursday it will cut 12,000 jobs amid a strategic overhaul to focus on its pharmaceuticals, consumer health and crop science businesses.XThe strategic overhaul comes nearly six months after Bayer closed its $63 billion takeover of Monsanto, a century-old agribusiness.In addition to synergies from the acquisition, Bayer expects to add nearly $3 billion annually from 2022 on as a result of the changes.Based on its current portfolio and exchange rates, Bayer called for core earnings per share of 6.80 euros, or $7.74, in 2019.In consumer health, the company hopes to "catch up to market growth in the coming years and improve profitability.

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