BERLIN (Reuters) -German chemicals maker Evonik plans to pause acquisitions for the next two years as it focuses on the largest restructuring in the company's history, its CEO was quoted on Saturday
Evonik to Halt Acquisitions for Two Years, CEO Reveals
BERLIN (Reuters) -German chemicals maker Evonik plans to pause acquisitions for the next two years as it focuses on the largest restructuring in the company's history, its CEO was quoted on Saturday as saying.
"Our triple-step strategy – save, restructure, and grow – is complex enough. We'll look beyond 2027," Christian Kullmann said in an interview with the Rheinische Post newspaper.
The company will decide on the future of its service units at the Marl and Wesseling sites which employ 3,600 staff by 2026, Kullmann said, adding that all options were on the table, including retaining the units, forming a joint venture, and selling them to investors or to chemical park operators.
Evonik's plan to cut around 2,000 jobs by 2027 in administration, including 1,500 in Germany, was halfway through, he added.
(Reporting by Riham AlkousaaEditing by Mark Potter)
