October 25, 2018 / 5:08 AM / 25 days ago

Covestro aims to cut costs by 350 mln eur from 2021

FRANKFURT, Oct 25 (Reuters) - Germany’s Covestro plans to reduce costs by 350 million euros ($400 million) per year from 2021, aiming to reign in an increase in expenses from an investment push to widen output capacity.

About 900 full-time positions will be reduced worldwide, to be carried out in a “socially acceptable” manner that has already been agreed with the group’s German works council, the company said on Thursday.

Third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) were flat at 859 million euros, it added, coming in above the average forecast in a Reuters poll of analysts of 830 million.

The former Bayer subsidiary is in the process of stepping up annual investment expenditures to reach as much as 1.2 billion euros over the next three years, up from 507 million in 2017.

Reporting by Ludwig Burger, editing by Riham Alkousaa

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