Evonik eyes 250 mln eur in annual cost savings

FRANKFURT, Sept 23 Mon Sep 23, 2013 12:06pm EDT

FRANKFURT, Sept 23 (Reuters) - Germany's Evonik said on Monday it aims to cut administrative costs by 250 million euros ($338 million) per year from 2016 as it completes the transition from an industry conglomerate to a specialty chemicals group.

Evonik said last month it would step up cost cutting measures and slash its investment budget as it became the latest specialty chemicals maker to caution investors about its business prospects. ($1 = 0.7402 euros) (Reporting by Ludwig Burger; Editing by Peter Dinkloh)

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