CEO says Bayer is looking into break-up, will cut management jobs
Nov 8th, 07:51:16
By Ludwig Burger
FRANKFURT (Reuters via PiQSuite.com) - Bayer said on Wednesday it was looking into splitting off either the diversified group's Consumer Health or Crop Science division, but ruled out a three-way split.
"We considered simultaneously splitting the company into three businesses. We're ruling that option out," new CEO Bill Anderson said in a statement, adding that maintaining three divisions, including its prescription drugs business, remained an option.
The German maker of medicines, seeds and crop chemicals also said that it would remove several layers of management to speed up decision-making, confirming a Reuters report in September.
"By the end of next year, Bayer will remove multiple layers of management and coordination," the company said in a statement.
It also confirmed its full-year outlook and reported that third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs, fell 31.3% to 1.685 billion euros, on lower earnings at its Crop Science division.
That came in shy of an average analyst estimate of 1.725 billion posted on the company's website.