Evonik announced additional restructuring and cost-cutting measures through 2029, including plans to eliminate about 3,200 jobs worldwide and discontinue its global polyester business.

The company said the new job cuts include 2,150 positions in Germany and will run from 2027 through the end of 2029. The measures affect business and administrative units worldwide. Evonik said it sees potential for savings through increased efficiency, digitalization, outsourcing and possible offshoring.

The new measures follow ongoing restructuring under the “Evonik Tailor Made” group program and efficiency programs in the company’s operating businesses. Evonik said it plans to cut about 2,800 positions from October 2023 through the end of 2026 under those efforts.

“The global political situation remains uncertain, and economic growth is persistently weak. At the same time, international competition is becoming increasingly fierce,” said Christian Kullmann, CEO of Evonik. “We must become stronger in this environment. Our fate is in our own hands, and we are determined to seize our opportunities.”

Evonik said the job cuts will remain socially acceptable, with details to be finalized with employee representatives in the coming weeks.

As part of the restructuring, Evonik will discontinue its global polyester business in 2027 within its Custom Solutions segment. The move affects sites in Witten and Marl, Germany, as well as Shanghai, China.

“Ending the polyester business and closing production is an economically unavoidable step,” said Lauren Kjeldsen, who is responsible for the segment on Evonik’s Executive Board. “Global competitive pressure, structural disadvantages in Europe, and declining market dynamics mean that none of the alternatives examined would have been economically viable for Evonik in the long term.”

Evonik said the polyester business generates annual revenue of about €150 million but has not been profitable for years. The company said the Witten site, which employs 266 people, will close in 2027. In Marl, 45 jobs will be cut, while 35 positions will be eliminated at the production plant in Shanghai.