The plastics group Covestro is launching a new cost-cutting program in view of the difficult market environment.

The aim is to achieve annual savings of 400 million euros in material and personnel costs worldwide by 2028, 190 million euros of which will be attributable to Germany, as the Leverkusen-based company announced on Tuesday. At the same time, Covestro extended job security at the German site by four years: the almost 7,000 employees in Germany are now protected from compulsory redundancies until the end of 2032. Worldwide, there are around 17,500 employees. Covestro intends to implement staff reductions in the form of voluntary redundancy agreements or reductions in working hours.

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