(RTTNews) – Bayer (BAYZF.PK, BAYRY.PK, BYR.L) plans to cut more than 1.5 billion euros of annual costs as of 2024. The company may cut jobs and plans to exit non-strategic businesses or brands, as the coronavirus pandemic impacts its businesses. It expects to take a non-cash impairment charges on agricultural business, due to low commodity prices.
The new cost-savings program comes on top of annual savings of 2.6 billion euros as of 2022, which were announced in November 2018.
According to the company, the new cost-savings measures are currently in the early stages of development. The company will discuss with the relevant internal bodies, including employee representatives, and announce its final decision once it finalized.
The company plans to leave its dividend policy unchanged. But it expects payouts in coming years to be at the lower end of 30 percent – 40 percent of core earnings per share, rather than