The CEO of Bayer said that it may be forced to leave its home country of Germany due to the increasing power costs after Germany's abandonment of nuclear power, The Guardian reports.

Chancellor Merkel agreed to a total phase out of nuclear power production in Germany in the wake of the Fukushima disaster, and now Bayer is claiming that decision will eat into its bottom line.

According to Deutsche Welle, the CEO of Bayer, Marijn Dekkers said that high energy costs posted a real threat to the company's operations in Germany.

"It is important that we remain competitive in comparison with other countries. Otherwise, a global business such as Bayer would have to consider relocating its production to countries with lower energy costs. Energy prices will continue to rise and they are already the highest in the EU."

Dekkers added that his company will cut 1,700 jobs in Germany but will create 2,500 new jobs in the emerging markets of Brazil, Russia, India and China.

Bayer currently employs 35,000 people in Germany.

Dekekrs statement comes after Jürgen Grossmann, head of energy giant RWE, back in June warned that large companies may no longer want to stay in Germany and accused Merkel of creating an "eco-dictatorship" that promoted de-industrialization.