Source: FARM PROGRESS, 10/1/20

Bayer AG said it will eliminate 1.5 billion euros ($1.76 billion) of annual costs and may cut jobs as the coronavirus pandemic hits the agricultural market. The expense reduction by 2024 comes on top of a 2.6 billion-euro efficiency drive announced in 2018, the German chemical and pharmaceutical company said in a statement Wednesday. The resulting cash flow will mainly be used for investments in innovation and growth opportunities as well as to reduce debt, according to the company.

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