RTTNews | Nov 2, 2021 02:29AM EDT

02:29 Tuesday, November 2, 2021 (RTTNews.com) - Fresenius Medical Care said Tuesday that it plans to eliminate up to 5,000 jobs globally as part of its FME25 program. It aims to cut its annual cost base by 500 million euros by the end of 2025.

The company said it will simplify its operations into two divisions, care enablement and care delivery, as part of implementation of the 2025 growth strategy.

The company expects to complete the roll-out of its new global operating model around 2023 and the savings initiative largely completed by 2024.

The company's chief financial officer, Helen Giza, will also assume the role of Chief Transformation Officer and lead the global efforts on FME25 program.

Based on the implementation of the new global operating model, Fresenius Medical Care assumes to reduce its annual cost base by 500 million euros by the end of 2025.

Around 50% of the savings are expected to be realized by 2023. By the end of 2023 around 80% of the anticipated one-time investments in FME25, amounting to about 450 million euros -500 million euros, are expected to be made. The company expects to reach positive net savings by the end of 2023.

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