en.Wedoany.com Reported - Evonik has announced the extension of its "Tailor Made" efficiency program and a decision to shut down its global polyester business, in response to geopolitical uncertainties, economic weakness, and increasingly intense international competition.

Evonik CEO Christian Kull stated that the company must become stronger in this environment, emphasizing that its fate is in its own hands and it is determined to seize opportunities. Evonik Chief Human Resources Officer and Labor Director Thomas Wessel added that future layoffs will be conducted in a socially acceptable manner, with specific details to be finalized with social partners in the coming weeks.

Evonik plans to terminate its global polyester business by 2027. The business generates annual revenue of approximately €150 million but has been unprofitable for years. The shutdown will affect plants in Witten and Marl, Germany, as well as Shanghai, China. The Witten plant, which employs 266 people, will close next year; Marl will cut 45 positions; and Shanghai, China, will reduce 35 positions.

Lauren Kjeldsen, the member of the Executive Board responsible for the business, stated that terminating the polyester business and closing production is an economically unavoidable step. Global competitive pressure, structural disadvantages in Europe, and declining market dynamics mean that none of the alternatives studied are economically viable for Evonik in the long term.

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