Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
In June 2006 the Schering AG and the pharmaceutical division of Bayer's subsidiary Bayer HealthCare were merged into Bayer Schering Pharma AG, a manufacturer of pharmaceutical products. On 1 March 2007, Bayer Schering announced details of its restructuring scheme following the merger. The company stated in a press release that starting from 2009, it will seek to save 700 million Euro per year (800 million Euro according to a June 2007 press release) following synergies from the merger. As a result of this, 6,100 jobs will be cut worldwide: 3,150 in Europe, 1,000 in the USA, 750 in Asia-Pacific region and Japan and 1,200 in Latin America and Canada. 1,500 jobs will be cut in Germany. According to a June 2007 press release, the research and development divisions will be strongly affected by the job cuts. All in all, 20 research projects will be terminated.
In Germany 950 jobs will be lost at the company's headquarter in Berlin, where the company currently employs 6,000 people. There is no information available on the remaining 550 job cuts in Germany. Regarding the 950 jobs to be lost in Berlin, 350 employees have already accepted individual solutions, such as retirement schemes or cancellation agreements including compensation payments. Another 250 employees will be offered different positions in the Bayer group. The company stated that there will be no direct dismissals until mid 2008 in Berlin. Bayer Pharma Schering currently employs around 40,000 people worldwide.
Eurofound (2007), Bayer Schering Pharma AG, Merger/Acquisition in Germany, factsheet number 65029, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65029.
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