Evonik Plans to Cut 1,000 Jobs

German chemical producer Evonik has announced plans to cut around 1,000 of its 33,000 worldwide jobs over the next year. Speaking at the company's first results press conference since its return to the stock market last year, CEO Klaus Engel said there would be no compulsory redundancies up to the end of 2018.

In September 2013, Evonik launched an efficiency scheme designed to reduce administrative costs as much as €250 million up to the end of 2016.

Engel said also that the Essen-based chemical maker is in the market for acquisitions if the business fits the company's portfolio and the price is "realistic."