Lanxess will cut 870 jobs, 460 of which will be in Germany, as part of a plan to reduce annual costs by around $160 million starting in 2025. The firm has about 13,000 employees. Lanxess revealed the cuts in its 2023 financial results announcement; sales last year were down 17%, and earnings from continuing operations fell into the red. "German chemistry and we at Lanxess have never seen a year of crises like this before," CEO Matthias Zachert says in the announcement.
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