Evonik Plans To Cut 3,200 Jobs And Exit Polyester Business
German chemical major Evonik Industries has announced plans to cut 3,200 jobs, representing around 10 per cent of its global workforce, by 2029 as the European chemical industry faces mounting cost pressures and weak demand.
Headquartered in Essen, the company said the restructuring is part of its ongoing transformation strategy aimed at improving competitiveness amid persistent economic uncertainty, rising energy costs and intensifying global competition. CEO Christian Kullmann noted that weak global growth and geopolitical instability continue to weigh heavily on the sector.
Of the total job cuts, about 2,150 positions will be eliminated in Germany, with discussions set to take place with employee representatives in the coming weeks. The reductions will span across business and administrative functions worldwide.
“The job cuts will remain socially acceptable moving forward,” says Chief Human Resources Officer and Labor Director Thomas Wessel. “The details will be finalized with the social partners in the coming weeks.”
As part of the restructuring, Evonik also confirmed it will fully exit its polyester business next year, affecting operations in Germany and China.
The company, which employs around 31,000 people globally, has already undertaken earlier rounds of workforce reductions in recent years as part of its broader efficiency drive.
The announcement comes as Europe’s energy-intensive chemical industry continues to struggle with high production costs, particularly following recent energy price shocks. Industry stakeholders and governments have been exploring support measures, including power price relief and reforms to the EU carbon market, to stabilise the sector.
