BayWa to cut around 1,300 jobs by 2027 (updated)

Baywa AG

04/12/2024 10:23

(Adds context in paragraph 3, company quote in paragraph 4)
       Dec 4 (Reuters) - German agricultural group BayWa
 BYWGnx.DE  said on Wednesday it plans to cut around 1,300
full-time positions out of almost 8,000 by the end of 2027, as
part of the group's restructuring.
    Around 40% of the cuts will take place in the central
administrative units, it added.
    The trader of farming supplies and produce has been
grappling with rising borrowing costs. In July, it suspended its
annual profit forecast, citing restructuring plans.
    "Talks with the general works council on the planned
personnel measures have begun, and an agreement is being sought
by the end of March 2025," the company said in a statement.
        
  

 (Reporting by Tristan Veyet in Gdansk, editing by Matthias
Williams)
 ((Tristan.Chabba@thomsonreuters.com;))