BAYER tambien reestructura...

Bayer AG on Thursday became the latest drug giant to launch a restructuring program to offset falling revenues caused by generic drug competition and medicine price pressures from health-care reforms imposed by indebted governments.

The German pharmaceuticals and chemicals conglomerate late Thursday said it will cut costs by €800 million ($1.09 billion) a year starting in 2013 and slash 4,500 jobs, while creating some 2,500 new positions largely in emerging markets,

Bundling existing resources and streamlining structures is "the only way we can sustainably finance our investment in growth and innovation—for example in new pharmaceutical products, in our BioScience business and in the expansion of our capacities in Asia," Marijn Dekkers, chief executive of the Leverkusen-based company said in a statement.

The company left its guidance for the current financial year unchanged, however. Last month, Bayer said it expects 2010 adjusted sales growth of more than 5%, and earnings before interest, taxes, depreciation and amortization before special items above €7 billion.

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