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Wacker Chemie To Cut About 1,200 Jobs As Part Of Efficiency Program - Quick Facts

Wacker Chemie AG (WKCMY.PK,WKCMF.PK) announced Thursday that the company management and employee representatives have agreed on a framework for the planned job cutbacks as part of the company's "Shape the Future" efficiency program initiated last November.

The Munich-based chemical group said it will cut about 1,000 jobs mainly in administrative departments as well as the indirect and non-operational functions of the business divisions by the end of 2022. In addition, 200 jobs will be cut back at international sites.

The company added that the layoffs in Germany are to be implemented exclusively with socially responsible and voluntary measures. These include retirement, phased retirement or severance agreements. The recently reached agreement excludes forced layoffs.

Moreover, it was decided that qualified trainees will continue to be taken over. This policy also secures WACKER's access to well-qualified young professionals in future.

The company confirmed that by reducing non-personnel costs and the scope of internal services, and slimming down the organization, it will achieve its annual savings goal of EUR 250 million by the end of 2022. Half the total amount is accounted for by non-personnel costs and the other half by personnel costs.

WACKER is expecting non-personnel-cost savings of over EUR 50 million this year. In 2021, the amount saved is likely to exceed EUR 100 million. Significant savings in personnel costs are not expected before next year.

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