Bayer AG announced it plans to cut 12,000 jobs or approximately 10% of its workforce and sell its Coppertone sunscreens, Dr. Scholl’s foot products and animal-health business.
“Through these moves, the company intends to focus on driving profitable growth in its core Consumer Health categories,” Bayer said in a statement regarding Coppertone and Dr. Scholl’s.
Also included in the selling plans is a 60% stake it owns in chemical park operator Currenta. Bayer has seen falling sales in over-the-counter drugs and anticipates a slowdown in prescription medicines. The company said it also wants to invest more in its core businesses: pharmaceuticals, consumer health and crop science.