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Bayer To Cut Thousands Of Jobs Months After Monsanto Purchase

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Bayer To Cut Thousands Of Jobs Months After Monsanto Purchase
Bayer's restructuring plan will cut 12,000 jobs by 2021, most of them in Germany.
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German pharmaceutical company Bayer will cut 12,000 jobs by 2021.

The company employs more than 118,000 people worldwide. Bayer says a large amount of the cuts will be made in Germany.

The move is part of a restructuring plan that comes after Bayer's acquisition of Monsanto.

The company purchased Monsanto earlier this year for over $60 billion.

In a statement issued Thursday, a chairman on Bayer's Board of Management said, "We are laying the foundation to sustainably enhance Bayer's performance and profitability."

Bayer says the restructuring, along with its Monsanto purchase, will contribute nearly $3 billion a year by 2022. 

The pharmaceutical giant also says it's looking into possibly cutting ties with some of its consumer health brands including Coppertone and Dr. Scholl's.