21:30 - 18.06.2026
June 18, Fineko/abc.az. German specialty chemicals giant Evonik Industries AG announced plans to eliminate 3,200 positions worldwide between 2027 and the end of 2029. The decision comes as an extension of its ongoing cost-reduction strategy aimed at counteracting fierce international competition and stagnant global economic growth.
According to ABC.AZ, via corporate statements, the newly approved structural updates—agreed upon by the Executive Board and employee representatives—will impact all business and administrative divisions across the globe.
Core Financial and Operational Developments:
Extension of "Tailor Made" Efficiency Program: The existing restructuring framework, which was initiated in October 2023 and slated to eliminate 2,800 jobs by the end of 2026, has now been formally extended through 2029. Out of the newly targeted 3,200 workforce reductions, 2,150 positions will be cut within Evonik’s home market of Germany.
Exit from Global Polyester Segments: In a decisive portfolio optimization move, Evonik will completely discontinue its global polyester business in 2027, citing consecutive years of unprofitability despite generating €150 million in annual revenues. Consequently, the production facility in Witten, Germany, will close in 2027, affecting 266 employees. Additional cuts will hit operating sites in Marl, Germany (45 jobs) and Shanghai, China (35 jobs).
Digitalization and Offshoring Alternatives: The corporation anticipates significant structural savings derived from increased operational efficiency, scaling up digitalization, and corporate outsourcing. Management confirmed they are actively examining offshoring options to migrate specific administrative functions to lower-cost regions.
Christian Kullmann, Chief Executive Officer of Evonik Industries, stated: “The global political situation remains uncertain, and economic growth is persistently weak. At the same time, international competition is becoming increasingly fierce. We must become stronger in this environment. Our fate is in our own hands, and we are determined to seize our opportunities.”
