Bayer To Cut 4,500 Jobs

German pharmaceutical and chemical company Bayer AG said Thursday that it plans to cut 4,500 jobs by the end of 2012.

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.

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