Evonik Announces Plan to Cut 3,200 Jobs by 2029

German chemical company Evonik has announced plans to lay off approximately 3,200 employees by 2029 as part of an expanded restructuring process. The company stated that this decision is aimed at increasing operational efficiency and reducing costs. Evonik intends to downsize particularly in low-profit business units and redirect resources toward areas with higher growth potential. According to Reuters, the majority of the job cuts will occur in Germany. The company plans to implement social plans such as voluntary severance and early retirement during this process. Evonik's CEO emphasized that the restructuring is necessary to maintain the company's long-term competitiveness. With this move, Evonik aims to save approximately 400 million euros annually. The company will focus on growth in specialty chemicals and sustainable solutions. The restructuring process is expected to be completed by 2026. This is not investment advice.