Evonik aims to spin off assets and could shed 7,000 jobs
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 13 2024
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Source: Reuters
Restructuring Plans: Evonik is initiating its largest restructuring program, potentially cutting over 7,000 jobs from its workforce of 32,000 due to high production costs and weak demand in the chemical industry.
Business Focus Shift: The company will reorganize into two main segments—Custom Solutions and Advanced Technologies—while also reducing management levels from ten to six by the end of 2026.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
