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Bayer to cut costs over lagging ag sector

Bayer AG says it will cut annual costs by $1.76 Billion dollars and might cut jobs. Bayer officials expect the pandemic will affect its crop-science business harder than anticipated because of the decline in ag commodities, intense competition in soy, and lower consumption of biofuels.

Bayer AG chairman Werner Bauman says “the urgent need for innovative healthcare and agriculture solutions has never been more evident” despite the difficult market conditions and their strategy to achieve those remains the same.

Bayer expects overall 2021 sales to be similar to 2020 levels.