According to union sources, the German chemical giant Covestro plans to lay off up to 1,700 employees, equivalent to about 10% of its global workforce.
The layoffs may affect up to 950 jobs in Germany.
Covestro confirmed the news and said these figures are only preliminary estimates.
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A spokesperson for the company said that there will be further updates in the coming months.
Covestro AG is a German company which produces a variety of polyurethane and polycarbonate based raw materials. Products include isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, as well as polyurethane based additives used in the formulation of coatings and adhesives.
It is a Bayer spin off formed in the fall of 2015 and was formerly called Bayer MaterialScience, Bayer’s materials science division