BERLIN (AP) -- German pharmaceutical and chemical company Bayer AG says it plans to cut 4,500 jobs by the end of 2012.
Chief executive Marijn Dekkers says the cost-cutting measures will put the company in a stronger position to grow.
The layoffs -- 1,700 of them planned in Germany -- will be partly offset by the creation of an estimated 2,500 positions in emerging markets.
Bayer, famous for its aspirin but also a producer of pesticides, plastics and pharmaceuticals, currently employs some 108,700 people worldwide.
Last month Bayer reported higher revenue and net income for its third-quarter, with net income of $386 million and a 16 percent revenue increase for the July-September period.
