Brenntag To Lay Off 1,300 Jobs

(RTTNews) - Brenntag AG Monday said it will lay off 1,300 jobs. The company, which has a global workforce of around 17,500 employees, said the lay offs will happen over the next two years.

Brenntag announced its future operating model together with changes in the Board of Management of Brenntag. The new operating model will be effective from 1 January 2021 and consists of two global divisions: Brenntag Essentials and Brenntag Specialties.

The group anticipates Project Brenntag to deliver a sustainable annual contribution of additional operating EBITDA of about 220 million euros. The contribution will increase year by year and the full annual potential will be reached already by the beginning of 2023. The overall net cash outflow to incur for the implementation of Project Brenntag is expected to total around 370 million euros.