German chemical giant Covestro plans to lay off 1,700 employees worldwide
According to foreign media reports, the German chemical giant Covestro plans to lay off up to 1,700 employees, equivalent to about 10% of its global workforce.
The layoffs may affect up to 950 jobs in Germany.
Covestro confirmed the news and said these figures are only preliminary estimates. A spokesperson for the company said that there will be further updates in the coming months.
Covestro has sales of 10.7 billion euros in 2020, and its business scope is mainly focused on the production of high-tech polymer materials. As of the end of 2020, Covestro has 33 production bases and approximately 16,500 employees worldwide.
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