German chemicals giant Evonik plans to cut another 3,200 jobs as part of a wider restructuring programme, the company said on Tuesday, as the sector continues to struggle with sluggish demand, US tariffs and high energy prices.
The German Chemical Industry (VDI) recently lowered its production forecast for 2026 to a decline of 1.5%, in what it has described as the sector’s worst crisis since World War II.
Among other divisions, Evonik plans to discontinue its polyester business, which generated annual turnover of around €150 million ($171.8 million).
Evonik sees a good chance for growth in Asia and the United States, with the company saying it is currently examining investments in the regions.
German CEOs outsourcing production to China in order to increase their profits ate what was left of Germany’s lunch long ago.