Bayer Polymers, which produces tunnelling materials, announced an operating result of US$87M for the first quarter of 2003, up from US$17.9M 12 months earlier. Bayer put the increase down to a period of reorganisation, and promised further improvements through “innovations, investments, acquisitions and partnerships”. The aim is to achieve savings of US$824M every year from 2005 through cost-cutting measures. This includes a plan to cut jobs by 5,300 between 2002 and 2005, out of a total of 23,000.