(ANSA-AFP) - FRANKFURT, NOV 8 - German chemicals giant Bayer
said Wednesday it would cut management jobs and was examining
splitting off one of its divisions after reporting a massive
third-quarter loss. The maker of Aspirin has long been under
pressure from activist investors as its problems mounted, and
earlier this year brought in a new CEO to help steer the company
in a new direction. It reported a net loss nearly 4.6 billion
euros ($4.9 billion) from July to September, compared to a
profit of nearly 550 million euros in the same period last year,
dragged down by massive writedowns at its agrochemicals
division. This was linked to losses related to higher interest
rates, and also reflects ongoing problems in the division due to
falling sales and prices of its key glyphosate-based herbicides.
(ANSA-AFP).
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