ESSEN (dpa-AFX) - The chemical company Evonik is cutting many jobs as part of a large-scale administrative reorganization. "Up to 2,000 jobs are to be cut worldwide, including a disproportionate number of management positions," the MDax-listed company announced in Essen on Monday. In Germany, around 1500 jobs will be affected. The Group employs a total of 33,000 people. Once the program is completed in 2026, annual costs are expected to be around €400 million lower than before, and the first effects will already be felt in 2024.

Evonik had already announced in September that it wanted to significantly streamline its administration on the basis of a model to be developed. "The first phase has now been completed," it said on Monday. The new target organization is to be established by the end of 2026. The number of hierarchical levels below the Executive Board will be reduced to a maximum of six, and review and approval procedures will be significantly accelerated./mis/stk