Securing jobs at German locations
The Board of Management and employee representatives at Covestro have reached an agreement regarding further employment. According to the plastics manufacturer's press release, an action package has been agreed.
This is intended to secure employment at the Group's German sites in the long term. As Covestro emphasizes, the company is making a clear commitment to Germany as a business location.
With the renegotiated collective agreements, there will be no compulsory redundancies at Covestro until the end of 2032.
Increasing competitiveness
The new agreements also provide a basis for the further transformation of the company, as can be seen from the press release.
A transformation program called "Strong" is now in place for the future development of the company. The aim of the new program is to increase competitiveness and make the company even more efficient. It also aims to drive forward the digitalization of the Group.
According to its press release, Covestro expects the program to generate annual global savings of EUR 400 million by the end of 2028. EUR 190 million of this is to be achieved in Germany alone.
Location Germany
"As a company, we continue to face major challenges in an increasingly fast-changing business environment. It is therefore imperative that we continue to drive forward Covestro's successful transformation and secure our long-term competitiveness," says Thorsten Dreier, Chief Technology Officer and Labor Director at Covestro.
Dreier also commented on the German site as follows: "With the collective agreements, Covestro is making a clear commitment to Germany as a location - including pledges to invest in the sites and to keep the Group headquarters in Leverkusen."