Associated Press –German pharmaceutical giant Bayer AG says it’s cutting 12,000 jobs worldwide as it seeks to reduce costs.

Bayer Crop Science U.S. was headquartered in Research Triangle Park prior to its selling assets to BASF, which also has an RTP campus. Bayer has other facilities across North Carolina.

The Leverkusen-based company said Thursday that details of the cuts to its 118,200-strong workforce would be worked out in coming months but that “a significant number” of the reductions would come in Germany.

Bayer acquired U.S. seed and weed-killer maker Monsanto Co. this year. It says with the “synergies expected from the acquisition of Monsanto” and other efficiency and structural measures, including the job cuts, “Bayer anticipates annual contributions of 2.6 billion euros from 2022 on.”

The company says a portion of the funds will be used to strengthen competitiveness and innovation in its divisions.

BASF,  bought Bayer Crop Science businesses, including its RTP research and development division with 300 employees on a 124-acre campus for $7 billion when the Monsanto deal closed.

BASF agreed to keep the former North American and global seed research campus in the RTP and its employees for at least three years.

Bayer has other facilities across North Carolina but is consolidating its operations at Monsanto’s former headquarters in St. Louis.

Bayer shares rose on the news and were up 3 percent in afternoon trading in Frankfurt.

WRAL TechWire contributed to this story.