Bayer will cut thousands of jobs as part of a corporate overhaul aimed towards winning back investor trust following its $63 billion takeover of Monsanto.

The chemicals and pharmaceuticals group said it would cut 12,000 jobs out of its global workforce of 118,000 by the end of 2021. The cuts, largely to be made in Germany, represent about 10 percent of the company’s global workforce.

Bayer also plans to sell its animal-health business, Coppertone sunscreens and Dr. Scholl’s foot-care products.

According to the Bayer press release, the planned job reduction breaks down as follows: at Pharmaceuticals, approximately 900 jobs in R&D and around 350 positions in connection with the factor VIII facility in Wuppertal; roughly 1,100 jobs associated with the reorganization at Consumer Health; around 4,100 positions at Crop Science as the result of integrating the acquired agriculture business; and a further 5,500 to 6,000 jobs in the Corporate Functions, supporting functions, Business Services and country platforms.

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