ESSEN, Germany—Evonik A.G. intends to cut up to 1,000 jobs globally by 2020 in a bid to reduce costs, the company said in a June 27 statement.
The jobs will be in administration and sales positions and will help the German-based specialty chemicals company towards achieving a "performance-oriented" corporate culture and a "healthy cost structure," it said.
In the fall of 2017, Evonik set itself a target of permanently reducing administrative and selling expenses by $231.1 million worldwide.
According to the company, about two-thirds of the cost savings will come from administration and a third will come from sales functions.
The first $57.8 million of the cuts will be achieved this year, Evonik added.