Evonik announces 3,200 job cuts worldwide and plans sale of two subsidiaries

Restructuring and workforce reductions

German specialty chemicals manufacturer Evonik is advancing a corporate restructuring program that will eliminate 3,200 jobs worldwide by 2029. The Essen-based company announced following an executive and supervisory board retreat that 2,150 of these job reductions will take place at its operations in Germany. Management plans to execute the cuts without compulsory redundancies, relying on severance packages, early retirement agreements, and leaving vacated roles unfilled. The measures expand upon an ongoing efficiency drive launched in 2024 that is scheduled to eliminate approximately 2,800 positions by the end of 2026. Evonik employed 31,053 people at the end of 2025, a decrease of nearly 900 compared to the previous year.

Interim chief executive Claus Rettig addressed the strategic direction following the board meeting.

We will use this polycrisis to change old structures and position ourselves better.

Subsidiary divestments and portfolio shifts

Alongside workforce adjustments, Evonik is preparing to divest its subsidiaries Oxeno and Syneqt, which together employ approximately 4,300 workers. Syneqt accounts for 3,500 employees located across production facilities in Marl and Wesseling. Evonik is currently conducting discussions with potential investors regarding Oxeno, with outcomes anticipated before the close of 2026, whereas the formal sales process for Syneqt is scheduled to launch in 2027. The company is also discontinuing its polyester business, a unit that generates roughly €150 million in annual revenue. Production operations across six primary German manufacturing sites will receive defined task assignments as the company organizes its product portfolio according to role profiles.

Leadership transition during industry downturn

The restructuring takes place under the temporary leadership of Claus Rettig, who assumed the role of deputy chairman of the executive board on 1 September 2026. The 66-year-old chemist was called from Singapore, where he directed Evonik's Asian business operations, after chief executive Christian Kullmann fell ill in August. Kullmann is currently in rehabilitation, with internal expectations suggesting his medical absence could extend into spring 2027. Rettig previously served as interim chief financial officer in late 2025 following the departure of Maike Schuh, holding the post until Michael Rauch joined in May 2026. Supervisory board members selected Rettig as an interim leader while fellow executives Lauren Kjeldsen and Claudine Mollenkopf remained focused on operational business.

Rettig noted the broad consensus within company leadership regarding industry conditions.

The executive board, supervisory board and employee representatives share one conviction: We are in a structural and economic crisis of our industry.

Regional focus and market reaction

Evonik is targeting geographic expansion outside Europe, identifying primary growth opportunities in Asia and the Americas, where management is evaluating further capital investment projects. On Monday evening, Rettig met with North Rhine-Westphalia Minister-President Hendrik Wüst to discuss corporate plans and regional industrial conditions. Company leadership did not release specific financial figures concerning expected cost savings or extraordinary charges related to the program. Shares in Evonik, which trades on the MDax index, gained nearly 5% on Tuesday morning following the strategy announcement.