Bayer has started making cuts in Latin America after its negative Q3 financial results. In Chile, 70% of staff have been laid off. Paraguay, Bolivia, and Uruguay will follow
After reporting negative results for Q3, the German multinational Bayer has begun making cuts, and they’re already being felt in Latin America. Pharmabiz has learned that today that its office in Chile laid off 70% of its staff, leaving around just half a dozen people. Cuts in Paraguay, Bolivia and Uruguay are expected to follow, although the numbers in these markets are already very small.
The greatest impact will surely come when the axe falls in Argentina, whose new president-elect Javier Milei will also have to balance books in the coming months. There the numbers are more considerable and the Cardiovascular business hangs by a thread.
At a global level, CEO Bill Anderson has not ruled out spinning off one of Bayer’s divisions. The group, whose products include medicines, seeds and chemicals for crops, is considering splitting off the Consumer or Crop Science division. A split into at least two parts –agricultural and pharmaceutical– has been a recurrent demand from investors. Anderson replaced Werner Baumann, who led the difficult acquisition of Monsanto in 2018 and rejected the possibility of a split on several occasions. See Press Release
