RTTNews | Nov 17, 2021 03:56AM EST

03:55 Wednesday, November 17, 2021 (RTTNews.com) - Fresenius Medical Care AG & Co. KGaA will cut around 500 to 750 jobs in Germany as part of its recently announced plan of 5,000 job cuts worldwide, report said.

The dialysis company, which suffers from cost pressure and the consequences of the corona pandemic, earlier said it expects to reduce the annual costs by 500 million euros by 2025.

In Germany, the company informed the employees about the upcoming job cuts. All areas at the headquarters in Bad Homburg, and other locations in Germany are likely to be affected.

The Fresenius subsidiary FMC, which operates around 4,100 dialysis centers for kidney patients worldwide, expects that around 50% of the savings would 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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