Covestro to cut up to 10% of jobs worldwide

German chemicals maker Covestro (1COV.DE) plans to cut up to 1,700 of its 16,500 jobs worldwide, the Rheinische Post newspaper said.

In Germany, the maker of foam chemicals and hard plastics could cut up to 950 jobs out of 7,600, the paper said in its report on Thursday, citing trade union circles.

Covestro confirmed the figures as a first preliminary estimate. A further update will come in the coming months, the company’s spokeswoman said.