AIRLINK 164.50 Decreased By ▼ -11.05 (-6.29%)
BOP 10.23 Decreased By ▼ -0.78 (-7.08%)
CNERGY 7.67 Decreased By ▼ -0.62 (-7.48%)
FCCL 43.00 Decreased By ▼ -4.23 (-8.96%)
FFL 14.86 Decreased By ▼ -1.16 (-7.24%)
FLYNG 25.00 Decreased By ▼ -2.31 (-8.46%)
HUBC 131.90 Decreased By ▼ -10.42 (-7.32%)
HUMNL 12.75 Decreased By ▼ -0.55 (-4.14%)
KEL 4.05 Decreased By ▼ -0.39 (-8.78%)
KOSM 5.50 Decreased By ▼ -0.40 (-6.78%)
MLCF 55.62 Decreased By ▼ -6.18 (-10%)
OGDC 207.65 Decreased By ▼ -19.12 (-8.43%)
PACE 5.35 Decreased By ▼ -0.42 (-7.28%)
PAEL 40.32 Decreased By ▼ -4.48 (-10%)
PIAHCLA 17.00 Decreased By ▼ -0.88 (-4.92%)
PIBTL 9.75 Decreased By ▼ -0.72 (-6.88%)
POWER 11.33 Decreased By ▼ -0.69 (-5.74%)
PPL 169.00 Decreased By ▼ -16.92 (-9.1%)
PRL 33.50 Decreased By ▼ -3.66 (-9.85%)
PTC 22.51 Decreased By ▼ -1.54 (-6.4%)
SEARL 90.70 Decreased By ▼ -9.59 (-9.56%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 34.70 Decreased By ▼ -3.81 (-9.89%)
SYM 13.52 Decreased By ▼ -1.23 (-8.34%)
TELE 7.24 Decreased By ▼ -0.49 (-6.34%)
TPLP 10.05 Decreased By ▼ -0.98 (-8.88%)
TRG 61.45 Decreased By ▼ -4.55 (-6.89%)
WAVESAPP 10.20 Decreased By ▼ -0.77 (-7.02%)
WTL 1.27 Decreased By ▼ -0.08 (-5.93%)
YOUW 3.70 Decreased By ▼ -0.08 (-2.12%)
BR100 12,076 Decreased By -749.9 (-5.85%)
BR30 35,794 Decreased By -3066.7 (-7.89%)
KSE100 112,504 Decreased By -6287.2 (-5.29%)
KSE30 34,723 Decreased By -2055.6 (-5.59%)

FRANKFURT, (Germany): German chemical maker Covestro unveiled Tuesday a 400-million-euro ($430-million) cost-cutting plan, a day after announcing progress in talks about a mammoth takeover by Emirati national energy firm ADNOC.

The annual savings are to be achieved globally by the end of 2028, by cutting material and personnel costs, and 190 million euros of the total would be in Germany, the group said. But the Leverkusen-based company also said it had agreed with staff representatives not to make any compulsory redundancies at its German sites until the end of 2032.

“The last few years have been challenging for the chemical industry and for Covestro,” said CEO Markus Steilemann, adding that the cost-cutting programme would help secure the group’s “leading position in the global market”.

Comments

Comments are closed.