Evonik announces job cuts in pet food unit

Evonik announces job cuts in pet food unit
© Reuters. FILE PHOTO: The logo of German specialty chemical company Evonik Industries AG is pictured at their plant in Bitterfeld, Germany, February 29, 2016. REUTERS/Fabrizio Bensch/File Photo

(Reuters) – German specialty chemicals producer Evonik on Monday announced the restructuring of its pet food unit, including cost savings of 200 million euros ($216.50 million) from 2025 onwards and around 200 job cuts worldwide.

The company added that its amino acids and specialties businesses will operate separately and on different business models.

Evonik, a market leader in the production of amino acids for poultry feeds, said the market environment for amino acids is challenged by rising raw material and energy costs, but still remains attractive.

The Essen-based company will now be targeting a streamlined operating model focused on efficiency and cost-leadership for its amino acids business, it said.

“We are systematically implementing a plan that will develop our Animal Nutrition business, so it continues to grow and succeed in our markets,” said Johann-Caspar Gammelin, head of Evonik’s Nutrition & Care branch.

($1 = 0.9238 euros)

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