The German chemical group Evonik has announced plans to cut 10% of its global workforce by the end of 2029, citing the ongoing crisis in Europe’s chemical industry.
The group will eliminate 3,200 jobs worldwide, including 2,150 in Germany, between 2027 and late 2029, according to a statement released on Thursday.
Evonik also operates in the Port of Antwerp, where it employs over 1,000 workers, but the impact of the cuts on the site remains unclear at this stage.
The new cost-cutting initiative builds on an earlier programme launched in 2023 that aims to reduce 2,800 positions by the end of this year.
Evonik’s CEO, Christian Kullmann, attributed the decision to a challenging global political environment, persistently weak economic growth, and increasing international competition.
The group’s shares fell by 3.61% on the Frankfurt Stock Exchange at 16:05 Brussels time, as the MDax index of mid-sized companies dropped by 1.10%.
Evonik said it aims to achieve “significant efficiency gains” through cost savings, digitisation, and outsourcing measures.
The job cuts will be carried out “under socially acceptable conditions,” the company assured in its statement.
The IGBCE union, representing the sector’s workforce, called this approach “positive” but criticised the lack of “sustainable future perspectives” in Evonik’s savings plans.
With 31,000 employees reported in 2025, Evonik is also considering relocating some operations, according to the statement.
Under its customised chemical solutions division, Evonik plans to cease polyester production in 2027, affecting sites in Witten and Marl (Germany) and Shanghai (China).
Its polyester business accounted for approximately 1% of Evonik’s 2025 revenues, which totalled €14.1 billion.
Like its competitors in Europe, Evonik is grappling with global overcapacity, particularly from China, high energy costs, and sluggish global demand.
