Covestro cuts up to 10% of global employment — paper


The logo of the German chemical manufacturer Covestro is painted outside its headquarters in Leverkusen, Germany, on July 26, 2019. (WolfgangRattay / File Photo / Reuters)

German chemical maker Covestro plans to cut up to 1,700 of its 16,500 jobs worldwide, the Rheinische Post said.

In Germany, manufacturers of foamed chemicals and hard plastics could cut jobs for up to 950 out of 7,600, the newspaper said in a Thursday report, citing trade union circles.

Covestro confirmed the numbers as the first preliminary estimate. A spokeswoman for the company told Reuters that further updates will be made in the coming months.

By Zuzanna Szymanska