German Union Advocates for Investment in Evonik Restructuring
(Reuters) - Germany's IGBCE union on Friday said it would ensure Evonik's restructuring programme included investments and not only focus on downsizing its business, adding those need to be prioritised over the distribution of money to shareholders.
The German chemicals maker had announced it aimed to slim down its business by starting the biggest restructuring programme in its history, potentially reducing its workforce by more than a fifth.
"In the current phase, investments must take priority over distributions to shareholders," said union official Alexander Bercht, who also sits on the supervisory board of Evonik.
He added that no decision had been made on a potential spin-off of activities at Evonik's Marl and Wesseling sites, which would affect 3,600 employees.
(Reporting by Matthias Inverardi, writing by Linda Pasquini, editing by Thomas Seythal)
