Reasons Behind Evonik's 10% Workforce Reduction
German chemical company Evonik has announced the elimination of 3,200 jobs by 2029, representing approximately 10% of its total workforce. This move is part of a restructuring plan aimed at addressing challenges stemming from rising energy costs and the impact of the war in the Middle East. The layoffs will involve operations worldwide, focusing on reducing expenses and enhancing adaptability in global markets, with the goal of speeding up operational transformation and tackling sluggish economic growth and increasing international competition. The German government is working with the sector to support the chemical industry in facing these pressures.
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