Source：China Plastics News

German chemical giant LANXESS Group is going to reduce 1,000 employees worldwide before the end of 2016.

The company indicated the move is the first phase of its three-stage restructuring project. In the global reduction of 1000 jobs cut, about half happens in Germany, which mainly concentrates on administrative and aservice, marketing and sales, and research and development department.

The company hopes that the layoff can save 150 million euros, including the savings of 100 million euros in 2014.

Matthias Zachert, the chairman of the company, pointed out that it will build a foundation for LANXESS to return to sustainable development. The layoff is a necessary measure to improve company competitiveness.

Lanxess indicated it has reached an agreement with its representatives of employees, the redundancy plan will carry out in Germany. The involving employees will receive severance pay and placement assistance to find a new job. Among the dismissed 500 employees in Germany, more than half have found the solution. But Lanxess said it cannot rule out the dismissal which resulted in the withdrawal from the engagement.

Prior to the publication of the notice, LANXESS has just released the third quarter performance (2.04 billion euros), which is slightly less than last year (2.05 billion euros). The company said the sales increased mildly, offset by a slight decline in sales prices.