The management of the Leverkusen-based Bayer is preparing to strike off 12,000 people between now and the end of 2021, with German employees expected to bear a "significant part" of job losses, the company said on Thursday.

"With the measures we are taking now, we will manage to raise the performance and profitability of Bayer in a sustainable manner," the company's CEO Werner Baumann said.

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The multi-national concern is also planning a sale of its animal health unit. Additionally, the company is intent on dropping over-the-counter brands such as Coppertone sun lotion and Dr. Scholl's foot care products.

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In September, the company reported low earnings for the second quarter of 2018. The sharp income drop follows the German firm's acquisition of US-based crop science giant Monsanto. Bayer paid €54 billion ($61.4 billion) which was the biggest foreign takeover in history for a German firm.

While publishing details of the restructuring and job cuts on Thursday, the company also announced a deal with the works council, pledging that there would be no more restructuring resulting in major job losses until 2025.

dj/msh (Reuters, dpa)

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