UPDATE 1-Elanco Animal Health to cut 380 jobs globally

·1 min read

(Adds background, details of restructuring)

Nov 30 (Reuters) - Elanco Animal Health Inc kicked off another round of layoffs on Tuesday, saying it would cut 380 positions globally as a part of a restructuring started after its $6.89 billion purchase of Bayer's veterinary drugs unit last year.

The layoffs, which would affect about 20% of its senior management, follow the company's decision in 2020 to cut about 900 positions across 40 countries and a reduction of about 330 positions in January.

The company had about 10,200 employees worldwide as of December end, according to its filing.

Elanco said it expected the latest move to deliver about $60 million in savings in 2022 and annual savings of about $70 million once the workforce reductions were fully implemented.

A part of the savings will be invested in growth areas such as digital operations, it said.

(Reporting by Amruta Khandekar; editing by Uttaresh.V and Aditya Soni)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting